Silver rises by Rs 200, gold ends flat

New Delhi, Mar 10: Silver on Saturday extended gains for the second straight session and rose by Rs 200 to Rs 58,200 per kg, on increased buying by stockists driven by a firming global trend.

However, gold held steady at Rs 28,265 per 10 grams in restricted buying activity at prevailing higher levels. The trading sentiment remained firm on better trend in global bullion markets, tracking gains in equities and commodities following reports that the US payrolls gained more than forecast would boost the outlook for economic growth and raw-material demand.

In New York, gold rose by USD 14 to USD 1,713.50 an ounce and silver by 1.30 per cent to USD 34.32 an ounce. In addition, increased buying of silver by industrial units further fuelled the sentiment. On the domestic front, silver ready rose further by Rs 200 to Rs 58,200 per kg and weekly-based delivery traded higher by the same margin to Rs 59,135 per kg, respectively.

However, silver coins continued to be asked at last levels of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces. Gold of 99.9 and 99.5 per cent purity held steady at Rs 28,265 and Rs 28,125 per 10 grams, respectively. Sovereigns followed suit and ended flat at Rs 23,500 per piece of eight grams.

PTI