Gold gains further on global cues, jewellers' buying

New Delhi: Rising for the second straight session, gold prices gained another Rs 90 on Tuesday to Rs 29,400 per 10 gram at the bullion market, tracking a firm trend overseas amid persistent buying by local jewellers.

However, silver held steady at Rs 39,100 per kg.

Marketmen said weakness in the US dollar boosted gold demand in the global market, while increased buying by local jewellers at the domestic spot market supported the metal.

Globally, gold rose by 0.13 percent to USD 1,255.70 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity advanced Rs 90 each to Rs 29,400 and Rs 29,250 per 10 grams respectively. It had gained Rs 160 yesterday.

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

On the other hand, silver ready ruled flat Rs 39,100 per kg, while weekly-based delivery traded higher by Rs 70 to Rs 38,180 per kg.

Silver coins, however, drifted lower by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.