Gold price up Rs 95, silver by Rs 450 on seasonal demand, global cues

Extending gains for the third straight session, gold prices today rose by Rs 95 to Rs 31,385 per 10 grams here on pick-up in seasonal demand amid a firming global trend.

Silver also rebounded by Rs 450 to Rs 59,750 per kg on increased offtake by industrial units and coin-makers.

Traders said a pick-up in wedding season demand and a firming global trend mainly pushed up gold prices.

They said hike in import duty by the government also influenced gold prices.

In New York, gold rose by USD 1.70 to USD 1,691.80 an ounce and silver by 0.19 per cent to USD 32.21 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 95 each to Rs 31,385 and Rs 31,185 per 10 grams, respectively. Gold rose by Rs 380 in last two sessions. Sovereigns also gained Rs 50 to Rs 25,500 per piece of eight grams.

In line with a general firming trend, silver ready surged by Rs 450 to Rs 59,750 per kg and weekly-based delivery by Rs 400 to Rs 59,750 per kg. Silver coins also spurted by Rs 2,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces on upsurge in wedding season demand.

ALSO READ

Gold prices near 2-week high, sales down up to 30%

Gold futures extend gains, up 0.19% on global cues

Gold price rises 1 per cent, holds near one-week high

Federal Bank aims 18% growth in gold loans in FY14