Gold rises by Rs. 20 to Rs. 30,830 on global cues

Mumbai-India (Mar 15)   Gold rose by Rs. 20 to Rs. 30,830 per 10 grams in the national capital on Saturday on sustained buying driven by a firming global trend.

Also, silver extended gains for the fifth-straight day by gaining Rs. 200 to Rs. 47,200 per kg on increased offtake by industrial units and coin makers.

Traders attributed the rise in gold to a firming global trend, where gold climbed to six-month high as mounting tensions between Russia and Ukraine boosted the metal's appeal as a haven asset.

Gold in New York, which normally sets the price trend on the domestic front, rose 0.5 per cent to $1,379 an ounce and silver by 1 per cent to $21.41 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs. 20 each to Rs. 30,830 and Rs. 30,630 per 10 grams, respectively. It had gained by Rs. 10 on Friday.

Sovereigns, however, remained steady at Rs. 25,350 per piece of 8 grams.

Silver ready rose further by Rs. 200 to Rs. 47,200 per kg and weekly-based delivery by Rs. 235 to Rs. 47,085 per kg. It had gained Rs. 1,070 in last four sessions.

Silver coins also spurted by Rs. 2,000 to Rs. 88,000 for buying and Rs. 89,000 for selling of 100 pieces.

Source: Profit.ndtv