Gold regains glitter on global cues, jewellers' buying

After falling for two straight days, gold regained its glitter with prices rising by Rs 140 to Rs 29,715 for 10 grams at the bullion market today, largely driven by firm trend overseas amid pick-up in buying by jewellers at the domestic spot market.
Silver also advanced by Rs 100 to Rs 41,800 per kg on increased offtake by industrial units and coin makers.
Bullion traders attributed the recovery in gold prices to a firm trend overseas as the weakness in dollar boosted demand for the precious metals as a safe-haven.
Globally, gold rose by 0.50 per cent to USD 1,215.84 an ounce and silver by 0.12 per cent to USD 17.08 an ounce in Singapore.

In addition, increased buying by local jewellers to meet ongoing wedding season demand, fuelled the uptrend, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 140 each to Rs 29,715 and Rs 29,565 per 10 grams, respectively. It had lost Rs 125 in the previous two days.

Sovereign, however, held steady at Rs 24,300 per piece of eight grams.
Tracking gold, silver ready rose by Rs 100 to Rs 41,800 per kg and weekly-based delivery by Rs 230 to Rs 41,655 per kg.
Silver coins, however, maintained steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.