Gold rises on firm global cues, stock buying

Gold prices recovered by Rs 55 to Rs 15,530 per 10 gram in the national capital today on emergence of buying by stockists influenced by firming global trend.

Gold regained strength on the back of firming global trend as a weaker dollar fueled demand for the precious metal as an alternative investment.

Marketmen said fresh buying by stockists influenced by higher trend in overseas market mainly led to rise in gold prices.

They said weakening dollar against leading currencies also change investment interest to bullion from the forex.

Standard gold and ornaments rose by Rs 55 each to Rs 15,530 and Rs 15,380 per 10 gram respectively, and sovereign held steady at Rs 12,400 per piece of eight gram.

On the other hand, silver ready met with resistance at higher levels and declined by Rs 100 to Rs 22,500 per kg but silver weekly-based delivery shot up by Rs 200 to Rs 22,900 per kg on speculators buying.

Silver coins, however, continued to be asked around previous level of Rs 28,400 for buying and Rs 28,500 for selling of 100 pieces.