Both the precious metals, silver and gold, continued to rise for the third straight day in the national capital today on sustained buying by stockists in tandem with a firming global trend.
While silver strengthened by Rs 475 to Rs 53,200 per kg, gold added Rs 35 to Rs 27,960 per 10 grams on increased offtake by stockists for the coming marriage season amid firming overseas trend.
Buying activity in the precious metals picked up after gold rose to a five-week high in global markets on mounting speculation that China will ease monetary policy, and the dollar's decline boosted appeal of the precious metal as an alternative asset.
In New York, gold advanced 1.5% to $1,655.60 an ounce, gaining the most since January 3.
In addition, fresh buying by retailers ahead of the marriage season and changes in duty structure for precious metals also influenced the prices.
On the domestic front, silver ready remained in demand and advanced by Rs 475 to Rs 53,200 per kg and weekly-based delivery by Rs 580 to Rs 53,180 per kg. The metal has gained Rs 725 in the last two trading sessions.
Silver followed suit and spurted by Rs 3,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces. In line with a general firming trend, gold of 99.9 and 99.5% purity gained Rs 35 each to Rs 27,960 and Rs 27,820 per 10 grams, respectively. It has gained Rs 85 in the previous two sessions.
However, sovereigns continued to be asked around previous level of Rs 23,300 per piece of eight grams in scattered deals.