Gold up Rs 140; silver by Rs 515 on seasonal demand, global cues

Rising for the second straight day, gold prices on Monday advanced by Rs 140 to Rs 27,300 per ten gram at the bullion market in the national capital, largely in tandem with a firming trend overseas and increased buying by jewellers and retailers to meet wedding season demand.

Silver also recovered by Rs 515 to Rs 36,750 per kg on increased offtake by industrial units and coin makers.

Bullion merchant said besides a firming trend in global market on Greece’s political crisis, increased buying by jewellers and retailers to meet seasonal demand mainly kept gold prices higher.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.8 per cent to USD 1,197.97 an ounce and silver by 2.2 per cent to USD 16.08 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs 140 each to Rs 27,300 and Rs 27,100 per ten gram respectively. It had gained Rs 135 in Saturday’s trade.

Sovereign, however, continued to be traded at last level of Rs 23,700 per piece of eight gram in limited deals.

In line with a general firm trend, silver ready rebounded by Rs 515 to Rs 36,750 per kg and weekly-based delivery by Rs 540 to Rs 36,775 per kg.

On the other hand, silver coins maintained a steady trend at Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.