Silver extends gains on global cues, gold steady

New Delhi: Continuing its upward march for the third day, silver prices rose by another Rs 170 to Rs 40,270 per kg on Saturday on increased offtake by industrial units along with a firm trend overseas, while gold held steady.

Gold remained flat at Rs 29,250 per 10 grams in scattered deals, even as it strengthened overseas. Traders said apart from positive global cues, increased demand from industrial units led to rise in silver prices at the domestic market here.

Globally, silver traded higher 1.14 per cent to USD 17.31 an ounce and gold rose 0.90 per cent to USD 1,266.70 an ounce in Friday’s trade in New York. In the national capital, silver ready rose further by Rs 170 to Rs 40,270 per kg. It had gained Rs 500 in last two days.

Silver weekly-based delivery, however, shed Rs 25 to Rs 40,090 per kg on lack of buying support. Silver coins, however, plunged by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purity held steady at Rs 29,250 and Rs 29,100 per 10 grams, respectively. The precious metal had gained Rs 335 in the previous three days. Sovereign, however, remained unchanged at Rs 24,400 per piece of eight grams. (PTI)