Gold, silver extend gains on stockists buying, global cues

New Delhi, Oct 7. Gold rose by Rs 300 to Rs 30,650 per ten grams in the national capital today on sustained buying by stockists on rising seasonal demand amid a firm global trend. Silver also gained Rs 250 to Rs 48,700 per kg on increased offtake by jewellers and industrial units. Traders said sustained buying by stockists to meet the rising demand for the "Navratras," an auspicious week in Hindu mythology for making fresh purchases mainly pushed up the prices of the precious metals. Firm global trend where gold rose as US lawmakers wrangled over raising the debt limit and a partial government shutdown spurring speculation that the political impasse may prompt the Federal Reserve to extend stimulus, also boosted the sentiment, they said. Gold in Singapore, which normally set price trend on the domestic front, climbed 0.6 per cent to USD 1,319 an ounce and silver by 0.4 per cent to USD 21.82 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 300 each to Rs 30,650 and Rs 30,450 per ten grams, respectively. It had gained Rs 40 in the previous session. Sovereign remained steady at Rs 25,000 per piece of eight gram in limited deals. In line with a general firm trend, silver ready rose further by Rs 250 to Rs 48,700 per kg and weekly-based delivery by Rs 305 to Rs 48,500 per kg. The white metal had gained Rs 230 in last trade. Silver coins held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.