FE:Gold rises for 3rd day, up Rs 50, silver gains Rs 400
New Delhi: Rising for the third day in a row, gold today added Rs 50 to to Rs 31,800 per 10 grams in the bullion market here on seasonal buying amid strong global cues, while silver gained Rs 400 to Rs 61,400 per kg on increased offtake.
Traders said stockists and retailers increased positions for the coming festivals as well as wedding season, leading to the rise in gold prices. Silver also saw increased demand from industrial units and coin makers.
A firm trend in the overseas market, where gold rose on speculation that Europe's debt crisis will boost demand for a protection of wealth also supported the sentiment, they added.
In London, gold rose by 0.4 per cent to USD 1,770 an ounce, while silver gained 0.8 per cent to USD 34.25 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 50 each to
