Gold price rises to Rs 29,100 per 10 grams

New Delhi: Gold prices rose for the second straight day Wednesday, gaining Rs 70 at Rs 29,100 per 10 grams amid firm global cues and increased buying by jewellers.

In the national capital, gold of 99.9 percent and 99.5 percent purity added Rs 70 each to Rs 29,100 and Rs 28,950 per 10 gram. The precious metal had climbed Rs 330 yesterday.

Tracking gold, silver ready rose further by Rs 550 to Rs 41,300 per kg while weekly-based delivery by 545 to Rs 41,145 per kg.

Besides a firming trend overseas, increased buying activity by jewellers to meet retailers' demand ahead of wedding season at the domestic spot market kept the metal prices higher.

At the Multi Commodity Exchange (MCX), gold for delivery in February rose by Rs 37, or 0.13 percent, to Rs 28,181 per 10 grams.

Analysts said, widening of positions by speculators in line with a firming trend in the global markets, mainly kept gold prices higher at futures trade.

Globally, gold rose 0.29 per cent to USD 1,190.70 an ounce and silver 0.39 percent to USD 16.82 an ounce in Singapore.