Commodities

Gold rises further to Rs 22,670 on seasonal demand, global cues

PTI New Delhi | Updated on May 21, 2011 Published on May 21, 2011

Gold extended gains by adding Rs 300 to Rs 22,670 per 10 grams today on sustained buying by retailers to meet the ongoing marriage season demand amid a firming global trend. However, silver shed Rs 900 to Rs 53,300 per kg on reduced offtake at existing higher levels.

Trading sentiment bolstered as the yellow metal in the overseas markets surged on speculations that the Federal Reserve will not tighten the monetary policy, spurring the demand for the metal.

Gold in the global markets, which normally sets the price trend at the domestic front, rose by $5.80 to $1,500.60 an ounce.

The white metal snapped its three-day rising streak and turned weak on reduced offtake by stockists at existing high levels amid a downtrend in the overseas markets.

At the domestic front, gold of 99.9 and 99.5 per cent purity shot up by Rs 300 each to Rs 22,670 and Rs 22,550 per 10 grams, respectively. Sovereigns rose by Rs 100 to Rs 18,600 per piece of eight grams.

On the other hand, silver ready declined by Rs 900 to Rs 53,300 per kg and weekly-based delivery shed Rs 10 to Rs 53,600 per kg as speculators refrained from extending support at existing high levels. Silver coins also fell by Rs 100 to Rs 60,000 for buying and Rs 62,000 for selling of 100 pieces.

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Published on May 21, 2011
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