Gold, silver gain on firm overseas cues

New Delhi, July 2: Gold and silver prices gained for the third consecutive day in the national capital today on sustained buying by stockists, amid a firming global trend.

While gold advanced by Rs 225 to Rs 26,700 per ten grams, silver gained Rs 100 to Rs 41,300 per kg on increased offtake by industrial units and coin makers.

Firming global trend, where gold rebounded from a 34-month low on speculation that lower prices will spur demand, also boosted the sentiment, traders said.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.7 per cent to USD 1,260.90 an ounce after falling to USD 1,180.50 on June 28, the lowest since August 2010.

Besides, shifting of funds from easing equity market to rising bullion also supported the upswing. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 225 each to Rs 26,700 and Rs 26,500 per ten grams, respectively.

It had gained Rs 825 in the previous two sessions. Sovereign also shot up by Rs 200 to Rs 24,000 per piece of eight gram. In a similar fashion, silver ready gained Rs 100 to Rs 41,300 per kg while weekly-based delivery shed Rs 25 at Rs 40,875 per kg.

The white metal had gained Rs 2,190 in last two sessions. Silver coins spurted by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

PTI