Gold gains for second day on global cues

Gold prices rose for the second straight day by gaining Rs 120 to Rs 30,120 per ten grams in the national capital today largely in tandem with a firming trend overseas.
Silver too maintained its upward journey for the fourth straight session and moved up further by Rs 250 to Rs 45,000 per kg, after gaining Rs 1,200 in the previous three sessions.
Traders said increased buying by stockists and jewellers amid a firming global trend, as the dollar's slump boosted demand for precious metals as an alternative investments, mainly influenced gold prices.
Gold in New York, which normally sets price trend on the domestic front, up by 0.1 per cent to USD 1,214 an ounce, while silver by 0.7 per cent to USD 20.04 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 120 each to Rs 30,120 and Rs 29,920 per ten grams respectively. It had gained Rs 100 yesterday.
Sovereign, however, remained steady at Rs 25,100 per piece of eight gram in scattered deals.
Silver ready rose further by Rs 250 to Rs 45,000 per kg and weekly-based delivery by Rs 320 to Rs 45,150 per kg on increased offtake by industrial units and coin makers, while silver coins continued to be asked at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.