Gold maintains upward trend on jewellers buying

TIL Desk/Business/New Delhi/ Gold prices today rose for the fourth straight session by gaining Rs 45 to Rs 29,795 per 10 grams at the bullion market on sustained buying by local jewellers and a firming trend overseas.

Silver also strengthened by Rs 60 to Rs 40,900 per kg on increased offtake by industrial units and coin makers. Traders said sentiment remained firm largely in line with positive global cues and persistent buying by local jewellers at domestic spot market.

Globally, gold rose by 1.12 per cent to USD 1,293.60 an ounce and silver by 0.88 per cent to USD 17.68 an ounce in New York in yesterday’s trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 45 each to Rs 29,795 and Rs 29,645 per 10 grams, respectively. It had gained Rs 500 in the previous three days.

Sovereign, however, held steady at Rs 24,500 per piece of eight grams. Silver ready also moved up by Rs 60 to Rs 40,900 per kg and weekly-based delivery traded higher by Rs 65 to Rs 40,695 per kg. Silver coins too spurted by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.