Gold gains for 3rd-day on sustained buying, global cues

Continuing its rising streak for the 3rd day, gold gained Rs 150 to Rs 30,590 per ten grams in the national capital on Thursday on sustained buying by stockists and jewellery fabricators amid a firming global trend.

However, silver fell by Rs 120 to Rs 43,180 per kg on reduced offtake by industrial units.

Traders said sustained buying by stockists and jewellery fabricators for the ongoing marriage season mainly led to an upward trend in gold prices.

They said firming global trend as escalating tension in Ukraine and US economic data missing estimates spurred

demand also boosting the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.3 per cent to $1,287.25 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 150 each to Rs 30,590 and Rs 30,390 per ten grams, respectively.

It had gained Rs 400 in last two trades.

Sovereign followed suit and rose by Rs 100 to Rs 25,000 per piece of eight grams.

On the other hand, silver ready declined by Rs 120 to Rs 43,180 per kg while weekly-based delivery traded marginally up by Rs 5 to Rs 43,480 per kg.

Silver coins spurted by Rs 2,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.