Gold stays firm on global cues, jewellers' buying

Rising for the second straight session, gold prices rose by another Rs 40 to Rs 29,590 per 10 grams at the bullion market today in line with a firm trend overseas and sustained buying by local jewellers.
Silver however met with resistance and slipped by Rs 70 to Rs 40,400 per kg.
Bullion traders said that apart from a firming global trend, continued buying by local jewellers at domestic spot market mainly kept gold prices higher.
Globally, gold rose by 0.13 per cent to USD 1,280.20 an ounce, while silver fell by 0.09 per cent to USD 17.51 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced Rs 40 each to Rs 29,590 and Rs 29,440 per 10 grams, respectively. The metal had gained Rs 300 in Saturday's trade.
Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams.
On the other hand, silver ready fell by Rs 70 to Rs 40,400 per kg, while weekly-based delivery traded higher by Rs 105 to Rs 40,380 per kg.
Silver coins, however, continued to be traded at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.