Gold Up By Rs 285, Silver Sheds Rs 200

Gold prices extended gains and added Rs 285 to Rs 27,275 per 10 grams in the bullion market here today, on sustained buying by stockists and investors, triggered by rising global prices.

However, silver declined by Rs 200 to Rs 53,300 per kg on reduced offtake by industrial units at higher levels. Trading sentiment bolstered in gold after the metal climbed USD 10.28 to USD 1,668.60 in London as concerns that Europe's debt woes may worsen. Also, a slump in the financial markets spurred the demand for the metal as a protection of wealth.

Market analysts said pick-up in festival demand and shifting of funds by investors from weakening equities to rising gold also fulled the uptrend in the metal's prices.

From: http://ping.fm/mtHo9