New Delhi, May 19 - Both gold and silver rose for the third day in a row on the bullion market here today on sustained buying by stockists and investors, driven by a firming global trend.
The gold, which has gained Rs 880 in the last two sessions, advanced further by Rs 155 to Rs 29,475 per 10 grams. Silver rose further by Rs 500 to Rs 54,500 per kg. The metal has risen by Rs 1,700 in past two days.
Traders said sentiment remained bullish as gold rose to a week's high in global markets on renewed speculation that the Federal Reserve will announce additional stimulus to boost the US economy, increasing the demand for the precious metal as an inflation hedge.
Gold in New York rose by 1.1 per cent to USD 1,591.90 an ounce. Silver also rose by 2.5 per cent to USD 28.71 an ounce.
Investors shifting funds from volatile equity markets to surging bullion also fuelled the uptrend in the precious metals' prices, they added.
On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 155 each to Rs 29,475 and Rs 29,335 per 10 grams, respectively.
Sovereign too traded higher by Rs 50 to Rs 23,800 per piece of eight grams.
Silver ready added Rs 500 to Rs 54,500 per kg and silver weekly-based delivery advanced by Rs 835 to Rs 54,585 per kg.
Silver coins also spurted by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces. PTI