Gold extends gains; up Rs 110 on fresh demand

PTI New Delhi | Updated on February 16, 2011

Gold rose further for the second day by adding Rs 110 to Rs 20,680 per 10 grams in the national capital on Wednesday on increased buying by stockists and jewellers, driven by the ongoing marriage season, amid firm global trends.

On the other hand, after moving in a tight range in the absence of worthwhile activity, silver ended steady on its previous level of Rs 46,500 a kg.

Also, sentiments for the yellow metal turned bullish, after it climbed to a four-week high in global markets on speculation that rising inflation will spur demand for the metal as an alternative asset.

Gold in global markets gained 0.3 per cent to $1,377.25 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity remained in demand and advanced by another Rs 110 each to Rs 20,680 and Rs 20,570 per 10 grams, respectively. The metal had gained Rs 80 yesterday.

Sovereign remained firm at Rs 16,900 per piece of eight grams.

On the other hand, silver ready held steady at Rs 46,500 per kg, while silver weekly-based delivery strengthened by Rs 140 to Rs 46,340 per kg.

However, silver coins were unaltered at Rs 54,000 for buying and Rs 54,100 for selling of 100 pieces.

Published on February 16, 2011

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