Gold gains on local buying, firm global trend
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A divergent trend developed on the bullion market today as gold advanced further on local buying amid firming global trend, while silver lacked the necessary follow up support and ended with losses.
While gold climbed by Rs 100 to Rs 31,130 per 10 gm in continuation to a rise of Rs 160 in the previous session, silver declined by Rs 800 to Rs 58,000 per kg.
Traders said gold prices rose on retailers buying ornaments for the Christmas festival and a firming global trend as investors weighed concerns about whether U.S. lawmakers will fail to agree on a deal before a year-end budget deadline as talks stalled.
The gold in overseas markets, which normally set price trend on the domestic front, rose 0.3 per cent to 1,662.38 dollar an ounce in Singapore.
On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 100 each to Rs 31,130 and Rs 30,930 per ten gram respectively. Sovereign held steady at Rs 25,450 per piece of eight gram.
On the other hand, silver ready fell by Rs 800 to Rs 58,000 per kg while weekly-based delivery improved by Rs 60 to Rs 58,185 per kg on speculative support.
Silver coins dropped by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
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