Gold price regains glitter, settles at Rs 29,450 per 10 grams

New Delhi: Staging a comeback after three straight days of losses, gold rose Rs 100 to Rs 29,450 per 10 grams at the bullion market Thursday on firm global cues and pick up in buying by local jewellers.

However, silver remained under selling pressure and slipped below the Rs 41,000-mark by falling Rs 300 to Rs 40,700 per kg on poor offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet the ongoing wedding season demand.

Globally, gold rose 0.40 percent to USD 1,269 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 percent and 99.5 percent purity rebounded by Rs 100 each to Rs 29,450 and Rs 29,300 per 10 grams, respectively. It had lost Rs 650 in the last three days.

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

On the other hand, silver ready fell by Rs 300 to Rs 40,700 per kg and weekly-based delivery by Rs 305 to Rs 39,960 per kg.

Silver coins also plunged by Rs 1,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.