Gold price takes comfort from global cues, edges up to Rs 29,350 per 10 grams

New Delhi: A mix of positive global indicators and pick-up in local demand because of wedding season rush gave some comfort to gold as prices recovered Rs 60 to Rs 29,350 per 10 grams on Tuesday.

Silver firmed up further by Rs 25 to Rs 41,825 per kg following higher offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to a firm trend overseas as geopolitical issues in the Middle-East and Korean Peninsula pushed investors to safer options like the yellow metal.

The wedding season demand at the domestic spot market gave more upside.

Globally, gold rose by 0.25 percent to USD 1,257.50 an ounce and silver by 0.08 percent to USD 17.94 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity edged up by Rs 60 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively. It had shed Rs 10 yesterday.

Sovereign, however, remained steady at Rs 24,400 per piece of eight grams.

Silver ready too advanced by Rs 25 to Rs 41,825 per kg and weekly-based delivery traded higher by a similar margin at Rs 41,395 per kg.

Silver coins, however, remained unchanged at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.