Gold, silver maintain upward march on higher global cues

Gold prices on Wednesday rose for the fourth straight day by adding Rs 135 to Rs 31,500 per 10 gram on steady buying by stockists for the marriage season amid a higher global cues.

Silver also extended gains for the fifth day by adding Rs 50 to Rs 48,300 per kg on increased offtake by industrial units.

Traders said sentiment remained bullish as stockists increased their positions to meet the seasonal demand.

They said firming global trend, where gold rose to 17-week high after US economic data missed estimates and unrest in emerging markets boosting haven demand, further fuelled the uptrend.

Gold in Singapore, which normally sets price trend on the domestic front, rose by by 0.4 per cent to $1,345.46 an ounce, the highest since October 30 and silver by 0.6 per cent to $21.98

an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 135 each to Rs 31,500 and Rs 31,300 per ten gram respectively.

It had gained 215 in last three days. Sovereign, however, held steady at Rs 25,500 per piece of eight gram in limited deals.

Silver ready gained Rs 50 to Rs 48,300 per kg while weekly-based delivery shed Rs 10 at Rs 47,840 per kg.

The white metal had gained Rs 750 in previous four sessions.

On the other hand, silver coins continued to be asked at last level of Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.