Gold gains Rs 25 on fresh buying; silver ends flat

New Delhi, Sept 17:

rose by Rs 25 to Rs 32,525 per 10 grams in the bullion market here today on seasonal demand amid firm global cues, while silver held steady at Rs 61,900 per kg on limited buying at prevailing prices.

Traders said buying activity in gold picked up after the metal rose overseas on concern that a new round of stimulus by the US Federal Reserve will stoke inflation, weakening the dollar and boosting demand for the metal as a store of value.

In Singapore, gold advanced by 0.4 per cent to USD 1,776.55 an ounce. Back home, fresh buying for the coming festival and wedding season after gold prices lost Rs 400 in the previous session on Saturday.

Gold of 99.9 and 99.5 per cent purity today recovered by Rs 25 each to Rs 32,525 and Rs 32,325 per 10 grams, respectively. Sovereign remained steady at Rs 25,450 per piece of eight grams.

Silver ready ended steady at Rs 61,900 per kg, while weekly-based delivery traded marginally higher by Rs 20 to Rs 64,300 per kg. Silver coins met resistance at existing higher levels and fell by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

PTI