Gold maintains momentum on jewellers' buying; silver slips

Rising for the fourth straight session, gold prices ticked higher by Rs 10 to Rs 32,240 per 10 grams at the bullion market today largely on sustained buying by local jewellers, shrugging off a weak trend overseas.

Silver, however, drifted lower by Rs 80 to Rs 40,570 due to reduced offtake by industrial units amid subdued global cues.

Traders said increased buying by local jewellers to meet ongoing wedding season demand at the domestic spot market helped gold prices trade marginally higher.

However, a weak trend overseas, as the dollar regained ground after briefly dipping following US President Donald Trump's decision to pull out of the Iran nuclear deal, restricted the gains.

Globally, gold fell 0.67 per cent to USD 1,305.40 an ounce and silver dipped by 0.52 per cent to USD 16.36 an ounce in Singapore.

A depreciating rupee against the dollar made imports of gold costlier, which supported the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 10 each to Rs 32,240 and Rs 32,090 per 10 grams, respectively. The metal had gained Rs 250 in the previous three sessions.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.

On the other hand, silver ready fell by Rs 80 to Rs 40,570 per kg, while weekly-based delivery held steady at Rs 39,870 per kg.

Silver coins, however, remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.