Gold remains up on sustained buying; silver turns weak

Thursday, Jan 28, 2016,15:55 IST By Metrovaartha A A A

New Delhi | Continuing its upward journey for the third day, gold surged by Rs 5 to Rs 27,135 per ten grams at the bullion market today on sustained buying by jewellers, driven by the ongoing wedding season even as the metal weakened in overseas markets.

However, silver declined by Rs 60 to Rs 35,200 per kg. Traders said increased buying by jewellers and retailers to meet the wedding season demand mainly kept gold prices higher for the third straight day.

However, a weak trend in global markets where it retreated from almost three-month high as investors assessed the outlook for US monetary policy, capped the rise.

Globally, gold was 0.7 per cent lower at USD 1,117.64 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity edged higher by Rs 5 each to Rs 27,135 and Rs 26,985 per ten grams respectively.

The precious metal had rallied by Rs 520 in the past two days. Sovereign, however, held steady at Rs 22,500 per piece of eight grams.

On the other hand, silver ready traded lower by Rs 60 to Rs 35,200 per kg and weekly-based delivery by Rs 150 to Rs 35,120 per kg. Silver coins held steady at Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.