Gold extends gains for 2nd day on sustained buying,global cues

Gold prices gained further by Rs 130 to Rs 30,500 per 10 grams in the national capital today on sustained buying by stockists in line with firm global trend.
However, silver held steady at Rs 45,000 per kg on lack of buying support from industrial units and coin makers.
Traders said sustained buying by stockists in line with a firming global trend as declines in global equities spurred demand for the metal as an alternative investment, mainly boosting the sentiment.
Gold in New York, which normally set price trend on the domestic front, advanced 0.2 per cent to USD 1,264.50 an ounce.

Weak rupee against the American currency which make the import of the dollar-priced precious metals costlier further influenced the sentiment, they said.
On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 130 each to Rs 30,500 and Rs 30,300 per 10 grams, respectively. It had gained Rs 200 in yesterday.

Sovereigns followed suit and rose by Rs 50 to Rs 25,150 per piece of eight grams.
On the other hand, silver ready held steady at Rs 45,000 per kg , while weekly-based delivery lost Rs 260 at Rs 44,690 per per kg.
Silver coins maintained steady trend at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces in restricted buying activity at prevailing higher levels.