Gold, silver extend gains on seasonal demand

Both the precious metals, gold andsilver , surged on Friday on sustained buying for the ongoing marriage seasonamid a firming global trend.

While gold rose for the fourth straight day by adding Rs 420to Rs 28,410 per 10 grams, silver gained for the second day by adding Rs 1,100to Rs 57,100 per kg.

Trading sentiments remained bullish on sustained buying byretailers and jewellers for the ongoing marriage season, in addition to a firmingglobal trend.

In global markets, gold rose as equities rebounded,  signalling investors won't have to sell themetals to cover losses in other markets. In New York, it jumped up by 1.6 percent to $1,756.90 an ounce and silver by 1.8 per cent to $34.56 an ounce.

On the domestic front, gold of 99.9 and 95.9 per cent purityshot up by Rs 420 each to Rs 28,410 and Rs 28,270 per 10 grams, respectively.The metal has advanced by Rs 450 in last three sessions. Sovereigns also roseby Rs 100 to Rs 22,200 per piece of eight grams.

In line with general firming trend, silver ready spurted byRs 1,100 to Rs 57,100 per kg and weekly-based delivery by Rs 350 to Rs 56,850per kg.

Silver coins zoomed by Rs 2,000 to Rs 64,000 for buying andRs 65,000 for selling of 100 pieces.