Gold rises on jewellers' buying

Gold prices rose by Rs 60 to Rs 32,450 per ten gram at the bullion market today on scattered buying by local jewellers amid weak global cues.

Silver also gained Rs 200 to Rs 41,500 per kg due to increased offtake by industrial units and coin makers.

Marketmen said pick-up in buying by local jewellers to meet wedding season demand at domestic spot markets led to the rise in gold prices but a subdued trend overseas capped the gains.

Globally, gold fell 0.75 per cent to USD 1,335.20 an ounce and silver by 0.78 per cent to USD 17.09 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 60 each to Rs 32,450 and Rs 32,300 per 10 gram, respectively. It had lost Rs 240 in yesterday's trade.

Sovereign however remained flat at Rs 24,900 per piece of eight gram in scattered deals.

In step with gold, silver ready traded higher by Rs 200 to Rs 41,500 per kg and weekly-based delivery by Rs 160 to Rs 40,480 per kg.

However, silver coins held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.