Gold continues rally; up Rs 30 on global cues

Extending gains for the fifth straight session, gold prices on Thursday rose by Rs 30 to Rs 26,830 per 10 grams in the national capital on increased buying by stockists and investors on the back of rising demand amid a firming global trend.

Silver followed suit and advanced by Rs 150 to Rs 41,400 per kg on sustained buying by industrial units and coin makers.

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The sentiment remained firm on increased buying by stockists on the back of rising demand amid a firming global trend on speculation that political tension in Egypt and the debt crisis in Europe may spur demand for haven assets.

Gold in Singapore, which normally sets the price trend on the domestic front, gained 0.4 per cent to $1,258.35 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity remained in demand and added another Rs 30 each to Rs 26,830 and Rs 26,630 per 10 grams, respectively.

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The yellow metal had gained Rs 1150 in the previous four sessions.

However, sovereigns remained steady at Rs 24,000 per piece of eight grams.

In line with a general firm trend, silver recovered by Rs 150 to Rs 41,400 per kg and weekly-based delivery by Rs 235 to Rs 41,170 per kg.

The white metal shed Rs 50 on Wednesday.

Silver coins also spurted by Rs 1000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.