Gold gains Rs 100 on global cues, silver steady
Traders said buying activity in gold picked up as it advanced in global markets on speculation that China may take more steps to boost economic growth, increasing demand for the precious metal as a store of value.
In New York Friday night, gold rose by USD 3.50 to USD 1,620.50 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 100 each to Rs 30,300 and Rs 30,100 per 10 grams, respectively. The metal had gained Rs 120 in the previous session.
Sovereign held unchanged at Rs 24,450 per piece of eight grams.
Silver ready remained steady at Rs 53,800 per kg, while weekly-based delivery lost Rs 105 to Rs 53,495 per kg on lack of buying support.
Silver coins were also inquired at last level of Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.