Gold gains for third day on global cues, jewellers demand

Riding high on positive global cues and increased buying by jewellers at spot markets, gold continued its upward trend for the third straight day and gained another Rs 100 to Rs 27,150 per ten grams at the bullion market today.

Silver rebounded by Rs 500 to Rs 37,800 per kg on the back of increased offtake by industrial units.

Bullion traders said the mood remained firm after precious metals rose in global markets as the dollar weakened and concern increased that Greece may stumble in its bid to avoid default, boosting demand for the safe haven.

Gold in Singapore, which normally determines price trend on the domestic front, was up by 0.4 per cent to $1,181.04 an ounce and silver by 0.6 per cent to $16.08 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity climbed by Rs 100 each to Rs 27,150 and Rs 27,000 per ten grams respectively. It has gained Rs 100 in last two days.

Sovereign, however, continued to trade steady at Rs 23,400 per piece of eight gram in scattered deals.

Following gold, silver ready recovered by Rs 500 to Rs 37,800 per kg, while weekly-based delivery shed Rs 45 at Rs 36,895 per kg on lack of buying support.

On the other hand, silver coins continued to be traded at previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.