Silver rises for third session to Rs55,200, gold ends flat

Silver continued its upward streak for the third straight session today and rose by Rs100 to Rs55,200 per kg on sustained buying by stockists, supported by a firm global trend. However, gold held steady at Rs22,810 per 10 grams in restricted local buying at prevailing high levels.

Trading sentiments remained firm as gold gained on concerns about Europe's debt crisis and signs that the US economy is slowing, boosting demand for the yellow metal as an alternative investment.

Gold in global markets, which normally sets a price trend on the domestic front, gained 75 cents to $1,545.40 an ounce in London. Silver also rose by 0.3% to $36.90 an ounce.

On the domestic front, silver ready rose by Rs100 to Rs55,200 per kg. It had gained Rs1,100 in the previous two sessions. Silver weekly-based delivery followed suit and moved up by Rs190 to Rs55,190 per kg, after gaining Rs1,350 in the last two sessions.

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

On the other hand, the gold of 99.9 and 99.5% purity ended flat at Rs22,810 and Rs22,690 per 10 grams, respectively. Sovereigns held steady at Rs18,700 per piece of eight grams.