Gold spirals to Rs 29,050 on global cues, local demand

Gold prices shot up by Rs 190 to Rs 29,050 per ten gram at the bullion market today on firm cues from global markets and increased buying by local jewellers.
Silver also regained the Rs 38,000-mark on increased offtake by industrial units and coin makers.
Marketmen said a firm trend overseas and increased buying by local jewellers at domestic spot markets led to the rise in gold prices.
Globally, gold rose by 0.91 per cent to USD 1,228.40 an ounce and silver by 1.82 per cent to USD 15.96 an ounce in New York in yesterday's trade.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 190 each to Rs 29,050 and Rs 28,900 per ten gram respectively. It had lost Rs 190 in yesterday's trade.

Sovereign, however, remained flat at Rs 24,400 per piece of eight gram in scattered deals.
Tracking gold, silver ready went up by a whopping Rs 600 to Rs 38,000 per kg and weekly-based delivery by Rs 625 to Rs 37,000 per kg.
Silver coins too spurted by Rs 1,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.