Gold stays up on sustained buying by jewellers

Gold maintained its upward trend for the third day at the bullion market today, rising by Rs 50 to Rs 32,230 per 10 grams on increased buying by local jewellers even as the precious metal weakened overseas.

Silver followed suit and edged up by Rs 50 to Rs 40,650 per kg due to increased offtake by industrial units and coin makers.

Traders said persistent buying by local jewellers to meet the wedding season demand mainly kept gold prices higher but a weak trend overseas capped the rise.

Globally, gold fell 0.08 per cent to USD 1,312.60 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity jumped Rs 50 each to Rs 32,230 and Rs 32,080 per 10 grams, respectively. It had gained Rs 200 in the previous two sessions.

Sovereign, however, held steady at Rs 24,800 per piece of eight grams.

Following gold, silver ready inched up by Rs 50 to Rs 40,650 per kg, while weekly-based delivery shed Rs 45 to Rs 39,870 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.