Gold price recaptures Rs 29,000-mark, up Rs 150 per 10 grams

New Delhi: Gold bounced back to recapture the Rs 29,000-mark by climbing Rs 150 to Rs 29,100 per ten grams at the bullion market Tuesday, taking positive lead from global market amid increased buying by local jewellers.

Silver remained firm on increased demand from industrial units and coin makers and advanced by Rs 320 to Rs 38,500 per kg.

Traders attributed the rise in gold prices to a firm trend in global markets as the US dollar slipped against a basket of major currencies after recent soft US inflation raised demand for the precious metals as a safe haven.

Besides, pick up in buying by local jewellers at the domestic spot market supported the upside in prices.

Globally, gold rose 0.31 percent to USD 1,237.88 an ounce and silver by 0.53 percent to USD 16.20 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity went up by Rs 150 each to Rs 29,100 and Rs 28,950 per ten grams, respectively. The metal had lost Rs 100 yesterday.

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

Silver ready rose further by Rs 320 to Rs 38,500 per kg and weekly-based delivery traded higher by Rs 280 to Rs 37,450 per kg.

Silver coins too spurted by Rs 1,000 at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.