Gold rises to Rs21,155 on global cues, silver down by Rs275

Gold rose by Rs65 to Rs21,155 per 10 grams today on a firming global trend. However, silver slipped from its record level by losing Rs275 to Rs56,325 per kg, due to reduced offtake at existing high levels.

Silver had risen to an all-time high level of Rs56,600 per kg yesterday.

Trading sentiments for the yellow metal remained bullish as it traded higher in global markets, as conflict in Libya and European debt concerns spurred demand for the metal as an alternative investment.

In global markets, while gold rose by 0.2% to $1,435.39 an ounce, silver surged 0.24% to $37.76 an ounce.

On the domestic front, gold of 99.9 and 99.5 remained in demand and advanced by Rs65 each to Rs21,155 and Rs21,035 per 10 grams, respectively. Sovereigns, however, remained stable at Rs17,500 per piece of eight grams in limited deals.

On the other hand, silver ready slipped by Rs275 to Rs56,325 per kg on reduced offtake at higher levels. It had climbed to an all-time high level of Rs56,600 yesterday. Silver weekly-based delivery followed suit and lost Rs205 to Rs55,895 per kg.

Silver coins remained steady at Rs61,500 for buying and Rs62,000 for selling of 100 pieces.