Gold extends gains on festive season buying, global cues

New Delhi-India (Aug 3)  Continuing its rising streak for the third straight day, gold prices advanced by Rs 150 to Rs 28,400 per 10 gm in the national capital today on sustained buying by jewellers and retailers, driven by upcoming festive season demand amid a firming trend overseas.

Silver recovered by Rs 50 to Rs 44,900 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by jewellers and retailers to meet ensuing festive season demand mainly kept gold prices up for the third straight day.

Besides, a firming global trend where gold prices rose the most in a week after US employers added less workers than forecast last month, increasing pressure on the Federal Reserve to maintain lower interest rates, further fuelled the uptrend.

Source: TheStatesman