Gold price rises further by Rs 120 to Rs 29,550 per ten grams

New Delhi: Tracking a firming trend overseas and buying by jewellers at domestic spot market, gold prices rose further by Rs 120 to Rs 29,550 per ten grams at the bullion market on Monday.

Silver, however, dropped by Rs 250 to Rs 38,450 per kg due to slackened buying support from industrial units.

Bullion traders said a firming global trend after demand for safe haven picked up as the failure of talks among oil producers to cap output triggered a sell-off in crude and equities, boosted sentiment in gold here.

Globally, gold advanced 0.5 percent to USD 1,239.56 an ounce in Singapore.

In addition, increased buying by jewellers and retailers to meet wedding season demand also supported the upside in gold prices, they said.

In the national capital, gold of 99.9 and 99.5 percent purity were up by Rs 120 each to Rs 29,550 and Rs 29,400 per ten grams respectively.

Sovereign also traded higher by Rs 100 to Rs 23,100 per piece of eight grams on retailers demand.

On the other hand, silver ready fell by Rs 250 to Rs 38,450 per kg and weekly-based delivery by Rs 160 to Rs 38,345 per kg.

Silver coins, however, spurted by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces on uptick in marriage season demand.