Gold covers ground on wedding demand, up Rs 120

Powered by wedding season demand from jewellers and retailers, gold regained some lustre by rising Rs 120 to Rs 30,520 per 10 grams at the bullion market today.
Positive global cues added to the upside.
Silver recaptured the Rs 43,000 per kg mark by climbing Rs 700 on increased off-take by industrial units and coin makers.
Bullion merchants attributed the traction in gold prices to hardening demand from jewellers as well as retailers, triggered by the ongoing wedding rush.
Globally, gold rose 0.04 per cent to USD 1,265.70 an ounce and silver 0.03 per cent to USD 17.50 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 120 each to Rs 30,520 and Rs 30,370 per 10 grams, respectively. The metal had lost Rs 140 yesterday.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.
In step with gold, silver ready surged Rs 700 to Rs 43,000 per kg and weekly-based delivery Rs 595 to Rs 42,500 per kg.
Silver coins, however, remained unchanged at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.