Gold rises by Rs 75; silver by Rs 300 on strong global cues

New Delhi, Jul 5: Both the precious metals,

and

, ended higher on Thursday on fresh buying by stockists and investors amid a firming global trend.

While gold rose by Rs 75 to Rs 30,125 per 10 grams, silver strengthened by Rs 300 to Rs 53,800 per kg.

Marketmen said the trading sentiment turned better after gold climbed to a nearly two-week high in overseas markets on speculation that a decision by the European Central Bank to cut interest rates might fan inflation and raised demand for precious metals as a safe haven.

In Singapore, gold gained 0.2 per cent to $1,619.13 an ounce and silver by 0.5 per cent to $28.27 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 75 each to Rs 30,125 and Rs 29,925 per 10 grams, while sovereigns remained steady at Rs 24,450 per piece of eight grams on restricted buying.

In line with a general firming trend, silver ready strengthened by Rs 300 to Rs 53,800 per kg and weekly-based delivery by Rs 295 to Rs 54,090 per kg on increased offtake.

However, silver coins remained stable at Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

PTI