Gold gains Rs 50,silver Rs 250 on festive demand

Gold gained Rs 50 to Rs 31,550 per 10 grams in the bullion market.

Gold gained Rs 50 to Rs 31,550 per 10 grams in the bullion market here today on buying for the ongoing festive season amid a positive global cues,while silver added Rs 250 to Rs 60,550 per kg on good demand from coins makers.

Traders said sustained buying for the ongoing auspicious ‘Navratra’ festival along with positive cues from overseas markets kept gold and silver prices higher for the second straight day.

In New York,gold rose by USD 1.60 to USD 1,749.90 an ounce and silver by 0.73 per cent to USD 33.20 an ounce.

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On the domestic front,gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 31,550 and Rs 31,350 per 10 grams,respectively. The metal had gained Rs 240 yesterday.

Sovereign held steady at Rs 25,450 per piece of eight grams.

Silver ready rose by Rs 250 to Rs 60,550 per kg and weekly-based delivery by Rs 320 to Rs 60,570 per kg. The white metal had gained Rs 370 in the previous session. Silver coins too gained Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces on rising festive season demand.