Gold extend gains for third-day on global cues

New Delhi, June 12: Gold extended gains for the third straight day by gaining Rs 195 to Rs 30,150 per 10 gm in the national capital today on brisk buying by stockists and investors influenced
gold extend gains for third day on global cues -...
PTI June 12, 2012 16:05 IST
New Delhi, June 12: Gold extended gains for the third straight day by gaining Rs 195 to Rs 30,150 per 10 gm in the national capital today on brisk buying by stockists and investors influenced by a firming global trend.  



However, silver lacked necessary buying support and lost Rs 100 to Rs 55,000 per kg.

Traders said buying activity in gold picked up on firming global trend following renewed concern that the European debt crisis will spur demand for the metal as a store of value.  

Gold in global markets, which normally set price trend on the domestic front, rose by USD 1.40 to USD 1596.10 an ounce in New York last night.

They said the gold also received support on local buying for the upcoming marriage season beginning from this week-end.  

On the domestic front, gold of 99.9 and 99.5 per cent purity shot up by Rs 195 each to Rs 30,150 and Rs 29,950 per 10 gm, respectively.

The metal had gained Rs 455 in last two trading sessions.

Sovereign also seen in demand and traded higher by Rs 200 to Rs 24,200 per piece of eight gram.  

On the other hand, silver ready declined by Rs 100 to Rs 55,000 per kg and weekly-based delivery by Rs 135 to Rs 54,620 per kg.

However, silver coins rose by Rs 2000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.
 
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