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04-26-2012, 09:30 AM #1
Gold extends gains, at four-month high
Gold surged to over four-month high on Wednesday by adding Rs 140 per 10 grams on stockists and jewellers buying to meet the rising seasonal demand amid a firming global trend.
The precious metal , which gained Rs 210 in last four trading sessions, advanced further by Rs 140 to Rs 29,240 per 10 grams, a level last seen on December 10, on sustained buying for the ongoing marriage season.
The precious metal, which had been passing through a bullish phase on auspicious buying for 'Akshaya Tritiya' festival till Tuesday, received another push on firm global trend and investors shifting funds from melting equities to bullion.
Gold in global markets, which normally sets the price trend on the domestic front, rose by 0.1 per cent to $1,643.18 an ounce in London.
However, silver extended losses for the second straight day by losing another 100 to Rs 56,200 per kg on reduced offtake by industrial units and coin makers at prevailing higher levels.