Gold prices rose for the third straight day surging by Rs 180 to close at Rs 12,350 per 10 gm in the bullion market here on reports of the precious metal's steep rise in the Asian region as investors shifted their funds from the melting bourses.
Buying activity in gold also picked up as stockists and retailers remained aggressive buyers in the view of marriage season amid report of rising trend in overseas market.
Marketmen said, the precious metal mostly gained on increased buying in line with sharp rise in Asian region on deepening global financial crisis.
Standard gold and ornaments which had gained Rs 80 each in last two trading session, surged by Rs 180 each to Rs 12,350 and Rs 12,200 per 10 gm respectively. Sovereign followed suit and traded higher by Rs 50 to Rs 10,450 per piece of 8 gm. In the overseas markets gold rose to $746 an ounce against last close of $740.50-$741.50. On the other hand, silver ready lacked necessary buying support and declined by Rs 100 to Rs 16,550 a kg and weekly-based delivery by Rs 80 to Rs 16,370 a kg. Its coins, however, remained steady at Rs 26,400 for buying and Rs 26,500 for selling of 100 coins.
