Gold, silver gain on seasonal demand

New Delhi: Both the precious metals, gold and silver, extended gains today for the second straight session on sustained buying by stockists and jewellers to meet the ongoing marriage season demand amid a firming global trend. While gold added Rs 20 to Rs 28,110 per 10 grams, silver strengthened by Rs 190 to Rs 55,900 per kg on increased buying by industrial units.

The trading sentiment bolstered after gold advanced in global markets on concern that a potential default by Greece may fuel demand for haven assets as leaders of the European nation struggled to agree to the terms of a second bailout. In the Asian region, gold gained 0.5 per cent to USD 1,728.73 an ounce and silver by 0.5 per cent to USD 33.81 an ounce.

In addition, scattered retailers buying for the ongoing marriage season also supported the uptrend in the precious metals to some extent. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 28,110 and Rs 27,970 per 10 grams, respectively. The metal had gained Rs 50 on Monday. Sovereigns continued to be asked at last level of Rs 23,350 per piece of eight grams in scattered deals.

In line with a general firming trend, silver ready strengthened by Rs 190 to Rs 55,900 per kg, while weekly-based delivery rose by Rs 495 to Rs 56,400 per kg. However, silver coins held steady at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.