Gold extends gains, surges Rs 225 on wedding demand
Rising for the second day, gold prices surged by Rs 225 to Rs 29,950 per 10 grams at the bullion market today on persistent buying by jewellers to meet the wedding season demand even as the metal weakened overseas.
However, silver declined by Rs 50 to Rs 43,000 per kg on lack of buying support from industrial units.
Marketmen said increased buying by local jewellers to meet wedding season demand kept the gold prices higher, but a weak trend overseas capped the rise.
Globally, gold fell by 0.14 per cent to USD 1,231.20 an ounce and silver by 0.03 per cent to USD 17.93 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity spurted by Rs 225 each to Rs 29,950 and Rs 29,800 per 10 grams. It had gained Rs 225 in Saturday's trade.
Sovereign gold also moved up by Rs 100 to Rs 24,600 per piece of eight grams.
On the other hand, silver ready shed Rs 50 to Rs 43,000 per kg, while weekly-based delivery held steady at Rs 42,620 per kg.
Silver coins, however, spurted by Rs 1,000 at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces on upsurge in demand in view of wedding season.