Gold extends gains on safe-haven bids

Gold prices on Friday rose further by Rs. 150 to Rs. 28,500 per ten gram in the national capital, tracking robust international markets as investors took shelter in precious metal on fears that Ukraine crisis would deepen.

Silver also gained by Rs. 500 to Rs. 45,500 per kg on increased off-take by industrial units and coin makers.

Bullion merchants said gold prices soared globally as investors resorted to the precious metal, anticipating further turmoil in Ukraine after the downing of a Malaysian Airlines plane on Thursday.

They further said that increased buying by jewellers and retailers to meet rising demand also boosted sentiment.

Gold in New York, which normally sets price trend on the domestic front, rose by 1.42 per cent to USD 1,318.20 an ounce and silver by 1.76 per cent to USD 21.16 an ounce in Thursday’s trade.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs. 150 each to Rs. 28,500 and Rs. 28,300 per ten grams respectively. It had gained Rs. 175 on Thursday.

Sovereign followed suit and moved up by Rs. 100 to Rs. 24,900 per piece of eight gram.

In a similar fashion, silver ready rose further by Rs. 500 to Rs. 45,500 per kg and weekly-based delivery by Rs. 405 to Rs. 45,340 per kg. The white metal had gained Rs. 150 in the previous session.

Silver coins, however, held steady at Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.