Gold gains for second day, surges Rs 660 on global cues

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goldNew Delhi, 4 Sep (PTI): Gold prices gained Rs 660 to reach Rs 32,200 per ten grams in the Indian national capital on 4 September, mainly on sustained buying by stockists driven by firming global trend.

Silver also rose for the third day by adding Rs 70 to reach Rs 55,500 per kg on increased offtake by industrial units and coin makers.

Traders said sustained buying by stockists amid a firming global trend led to an upsurge in gold prices. Increased offtake by industrial units and coin makers kept silver prices firm for the third day, they said.

Gold in New York, which normally set price trend on the domestic front, rose by USD 15.70 to USD 1412.20 an ounce and silver by 3.19 per cent to USD 24.28 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 660 each to Rs 32,200 and Rs 32,000 per ten grams, respectively. It had gained Rs 440 on Tuesday. Sovereign advanced by Rs 200 to Rs 25,300 per piece of eight gram. In line with a general firm trend, silver ready added Rs 70 to Rs 55,500 per kg while weekly-based delivery declined by Rs 230 to Rs 57,000 per kg on lack of speculators’ support.  Silver coins spurted by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.

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