Gold, silver extend gains on sustained buying, global cues

Gold prices rose further by Rs 75 to Rs 28,200 per 10 grams, extending Wednesday's gains in the national capital on increased buying by jewellers and retailers amid a firming global trend.

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Silver followed suit and gathered Rs 100 to Rs 45,200 per kg.

Marketmen said the rise in gold prices was mostly attributed to increased buying by jewellers and retailers amid a firming trend overseas as the dollar fell after the US Federal Reserve released minutes of its last meeting and tension increased in the Middle East, boosting demand for a haven.  

Gold in Singapore, which normally sets the price trend on the domestic front, rose by 0.3 per cent to  $1,331.46 an ounce and silver by 0.2 per cent to USD 21.16 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs 75 each to Rs 28,200 and Rs 28,000 per 10 grams, respectively. It had gained Rs 65 on Wednesday.

Sovereigns, however, remained flat at Rs 24,900 per piece of eight grams in limited deals.

In line with a general firm trend, silver ready rose by Rs 100 to Rs 45,200 per kg and weekly-based delivery by Rs 110 to Rs 45,045 per kg.

The white metal had gained Rs 200 in the previous session.

On the other hand, silver coins enquired at last level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces in restricted buying.

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