Gold up on global cues, fresh buying

Gold prices rose by Rs 20 to Rs 17,100 per 10 gram in the national capital today on fresh buying by jewellery fabricators for the current marriage season demand amid firming global trend.

Silver also strengthened by Rs 150 to Rs 28,900 per kg on increased offtake by industrial users.

Marketmen said buying activity in gold picked up as demand from retailers and jewellers picked up due to the current heavy marriage season.

They added that a rise in the precious metal prices in overseas markets, which normally set price band here in domestic market, further supported the trend.

Standard gold and ornaments gained Rs 20 each at Rs 17,100 and Rs 16,950 per 10 gram, respectively, while sovereign held steady at Rs 14,050 per piece of eight gram.

On the other hand, silver prices, which had risen by Rs 150 a kg yesterday, gained further grounds on sustained buying by industrial units.

Silver ready rose by another Rs 150 to Rs 28,900 per kg and weekly-based delivery by Rs 225 to Rs 28,600 per kg.

Silver coins also gained Rs 100 at Rs 33,800 for buying and Rs 33,900 for selling of 100 pieces.