Gold continues to gain, adds Rs 120 on positive global cues

Gold continued its upward price trend for the second straight day by rising Rs 120 to Rs 25,900 per 10 grams in the bullion market on Friday amid positive global cues and increased buying by jewellers.

Silver followed suit and gained another Rs 100 to Rs 34,300 per kilogram on increased off-take by industrial units and coin-makers.

Bullion traders said gold rose from a 5-year low in a firming global trend. Globally, gold climbed 0.4% to $1,086.64 an ounce (Rs 71,902.91) in Singapore while it ended 1.10% higher at $1,081.80 an ounce (Rs 71,582.65) in New York on Thursday. Besides, increased buying by jewellers to meet ongoing wedding season demand fuelled the uptrend, they said.

In the national capital, gold of 99.9% and 99.5% purity advanced Rs 120 each to Rs 25,900 and Rs 25,750 per 10 grams, respectively. It had gained Rs 155 on Thursday. The sovereign also moved up by Rs 100 to Rs 22,300 per piece of eight grams.

Tracking gold, silver ready rose further by Rs 100 to Rs 34,300 per kg and weekly-based delivery by Rs 125 to Rs 33,885 per kg.

However, silver coins remained steady at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.