Gold rises to Rs22,270 on global cues, silver remains weak

Gold gained Rs5 to Rs22,270 per 10 gram in the national capital today on firm global cues while silver prices fell further by Rs100 to Rs53,200 per kg on sluggish demand at prevailing high levels.

Trading sentiments improved after gold rose in global markets as weakening stocks and commodities spurred the demand for the metal as safer assets.

Gold in global markets, which normally sets a price trend on the domestic front, rose by 0.4% to $1,495.22 an ounce.

However, sluggish demand among stockists and industrial units at prevailing high levels kept pressure on the white metal's prices.

On the domestic front, gold of 99.9 and 99.5% purity rose by Rs5 each to Rs22,270 and Rs22,150 per 10 grams, respectively. It had gained Rs25 in the previous session.

Sovereigns held steady at Rs18,500 per piece of eight grams.

Silver ready fell further by Rs100 to Rs53,200 per kg. It had lost Rs1,110 yesterday.

Silver weekly-based delivery also shed Rs310 to Rs52,590 per kg.

Silver coins followed suit and declined by Rs1,000 to Rs58,000 for buying and Rs59,000 for selling of 100 pieces.