Gold rose for the second day in a row by adding Rs 50 to Rs 29,700 per 10 grams in the bullion market here today on good demand amid a firming global trend, while silver gained Rs 200 to Rs 52,450 per kg on increased offtake by industrial units.
Traders said buying in gold picked up after the metal gained in global markets as Russia’s central bank increased holdings of the precious metal.
In New York, gold rose by $2.30 to $1,584 an ounce and silver by 0.18 per cent to $27.33 an ounce.
In addition, buying by stockists and jewellers for the coming festival and wedding season also led to a rise in prices of the precious metals.
On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 29,700 and Rs 29,500 per 10 grams, respectively. It had gained Rs 20 yesterday.
The sovereign continued to be asked around previous level of Rs 24,350 per piece of eight grams in scattered deals.
In line with a general firming trend, silver ready recovered by Rs 200 to Rs 52,450 per kg and weekly-based delivery by Rs 165 to Rs 52,830 per kg. The white metal had lost Rs 300 in the previous session.
Silver coins remained steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.