Gold up by Rs 35 on sustained buying, global cues

Gold prices advanced by Rs 35 to Rs 29,875 per 10 grams here today on sustained buying by stockists and retailers amid a firming global trend.
However, silver lacked necessary buying support from industrial units and coin makers and declined by Rs 100 to Rs 55,000 per kg.
Traders said sustained buying by stockists and retailers amid a firming global trend on signs of increased demand concern that Europe's debt crisis may persist mainly helped gold prices to advance.
In Singapore, gold advanced 0.2 per cent to USD 1,584.75 an ounce.
Lack of buying support from industrial units and coin makers led to decline in silver prices, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 35 each to Rs 29,875 and Rs 29,675 per 10 grams, respectively. It had gained Rs 20 yesterday. Sovereigns remained steady at Rs 25,250 per piece of eight grams in limited deals.
On the other hand, silver ready declined by Rs 100 to Rs 55,000 per kg and weekly-based delivery by Rs 175 to Rs 54,695 per kg. Silver coins remained stable at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.