Gold rises on positive global cues, jeweller-buying

Gold prices firmed up by Rs 30 to Rs 30,650 per 10 gram at the bullion market here today on the back of firm overseas cues amid buying by local jewellers.

Silver also staged a recovery and traded higher by Rs 50 to Rs 37,850 per kg due to increased offtake by industrial units and coin makers.

Traders said apart from a firm trend overseas, scattered buying by local jewellers to meet the ongoing festive season demand at domestic spot market, mainly attributed the recovery in the gold prices.

Globally, gold rose by 0.30 per cent to USD 1,188.10 an ounce and silver by 0.83 per cent to USD 14.57 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 30 each to Rs 30,650 and Rs 30,500 per 10 gram, respectively. It had lost Rs 30 in yesterday's trade.

Sovereign gold, however, remained flat at Rs 24,500 per piece of 8 gram in limited deals.

Following gold, silver ready rebounded by Rs 50 to Rs 37,850 per kg, while weekly-based delivery drifted down by Rs 130 to Rs 36,620 per kg due to speculative selling.

On the other hand, silver coins continued to trade at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.