Gold, silver extend gains on global cues, jewellers buying

New Delhi: Gold edged higher by Rs.50 to Rs.30,300 per 10 grams in Delhi bullion market on Saturday, tracking a firming trend overseas along with sustained buying by jewellers at domestic front.

Bullion traders said sentiments remained bullish on the back of a firming trend overseas as the dollar tumbled to a 11-month low after the Bank of Japan unexpectedly held off on expanding monetary stimulus, boosting the appeal of alternative assets.

Gold in New York, which normally determines the price trend in the domestic market, surged by 2.05% to $1,292.40 an ounce and silver by 1.65% to $17.82 an ounce in Friday’s trade.

In the national capital, gold of 99.9 and 99.5% purity advanced by Rs.50 each toRs.30,300 and Rs.30,150 per ten grams respectively. The precious metal had gainedRs.675 in the previous three sessions. Sovereign, however, remained steady atRs.23,300 per piece of eight grams in limited deals.

Silver ready too strengthened by Rs.250 to Rs.41,850 per kg and weekly-based delivery by Rs.130 to Rs.41,565 per kg. Silver coins also zoomed by Rs.2,000 to Rs.70,000 for buying and Rs.71,000 for selling of 100 pieces.