Gold rises further to Rs22,670, silver slips by Rs900

Gold extended gains by adding Rs300 to Rs22,670 per 10 grams today on sustained buying by retailers to meet the ongoing wedding season demand amid a firming global trend. However, silver shed Rs900 to Rs53,300 per kg on reduced offtake at existing high levels.

Trading sentiments in gold bolstered as the metal in overseas markets surged on speculations that the Federal Reserve will not tighten the monetary policy, spurring the demand for the metal.

Gold in global markets, which normally sets a price trend on the domestic front, rose by $5.80 to $1,500.60 an ounce.

The white metal snapped its three-day rising streak and turned weak on reduced offtake by stockists at existing higher levels amid a down-trend in overseas markets.

On the domestic front, gold of 99.9% and 99.5% purity shot up by Rs300 each to Rs22,670 and Rs22,550 per 10 grams, respectively.

Sovereigns rose by Rs100 to Rs18,600 per piece of eight grams.

On the other hand, silver ready declined by Rs900 to Rs53,300 per kg and weekly-based delivery shed Rs10 to Rs53,600 per kg as speculators refrained from extending support at existing high levels.

Silver coins also fell by Rs100 to Rs60,000 for buying and Rs62,000 for selling of 100 pieces.