Gold rises on jewellers' buying, global cues

Gold advanced by Rs 100 to Rs 32,180 per ten gram at the bullion market today on sustained buying by local jewellers amid firm global cues.

Silver also strengthened by Rs 100 to Rs 40,600 per kg due to increased offtake by industrial units and coin makers.

Traders said increased buying by local jewellers to meet wedding season demand at domestic spot market and a firm trend overseas, mainly kept the prices higher.

Globally, gold rose 0.10 per cent to USD 1,316.30 an ounce and silver by 0.09 per cent to USD 16.51 an ounce in Singapore.

Besides, a depreciating rupee against the dollar made imports of gold costlier, thus fuelling the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity hardened by Rs 100 each to Rs 32,180 and Rs 32,030 per ten gram, respectively. It had gained Rs 100 in Saturday's trade.

Sovereign also went up by Rs 100 to Rs 24,800 per piece of eight gram.

In sync with gold, silver ready rose further by Rs 100 to Rs 40,600 per kg and weekly-based delivery by Rs 820 to Rs 39,915 per kg on speculative buying.

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