Gold, silver extend gains on festive buying, global cues

New Delhi, Aug 9. The prices of both precious metals gold and silver extended gains for the second straight day in the national capital today on festive buying amid a firming global trend. While gold added Rs 20 to Rs 28,520 per ten grams in continuation of a rise of Rs 160 yesterday, silver rose by Rs 615 to Rs 42,385 per kg after gaining Rs 360 in the previous session. Sentiment remained firm on retail customers buying for 'Teej' festival and investors shifting their funds from melting equities to bullion for a safe haven. The market further supported on firming global tend where gold jumped the most in two weeks as the dollar surged, increasing demand for the metals as an alternative investment. Gold in New York, which normally set price trend on the domestic front, rose by 1.9 per cent to 1,309.90 dollar an ounce, the biggest gain since July 22 and silver by 3.5 per cent to 20.19 dollar an ounce, the biggest gain since July 22. On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 20 each to Rs 28,520 and Rs 28,320 per ten grams, respectively. Sovereign remained stable at Rs 24,400 per piece of eight gram. In line with a general firm trend, silver ready and weekly-based delivery advanced by Rs 615 each to Rs 42,385 and Rs 42,235 per kg, respectively. Silver coins also spurted by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces