Gold holds out on global uptrend, higher buying

New Delhi: A global upward move and heightened buying activity back home pushed up gold prices for the second straight day by adding another Rs 20 at Rs 29,400 per 10 grams Monday.

Silver, however, hit a rough patch as it met with resistance at prevailing levels and eased by Rs 50 to Rs 41,750 per kg.

Traders said a firming trend overseas where gold strengthened as the dollar slipped against a basket of major currencies and sluggish economic data from the US boosted its demand as a safe haven, rubbing off on sentiment.

Gold rose 0.21 percent to USD 1,193.80 in Singapore.

Besides, increased buying by local jewellers to meet ongoing wedding season demand at domestic spot markets supported the upside, they said.

In the national capital, gold of 99.9 percent and 99.5 percent purity edged up by Rs 20 each to Rs 29,400 and Rs 29,250 per 10 grams, respectively. It had climbed Rs 230 on Saturday.

Sovereign, however, remained steady at Rs 24,300 per piece of eight grams in scattered deals.

On the other hand, silver ready fell by Rs 50 to Rs 41,750 per kg and weekly-based delivery by Rs 350 to Rs 41,480 per kg.

Silver coins, however, continued to be asked for at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.