Gold prices rise by Rs 150 to Rs 29,650 per 10 grams

New Delhi: Continuing its upward trend for the second straight day on Tuesday, gold prices rose by another Rs 150 to Rs 29,650 per 10 grams at the bullion market, largely driven by positive global cues and increased buying by jewellers to meet wedding season demand.

Silver followed suit and advanced by Rs 100 to Rs 41,400 per kg on increased offtake from industrial units and coin makers.

Bullion traders said that besides a firming trend overseas, persistent buying by local jewellers to meet wedding season demand at domestic spot market mainly kept gold and silver prices higher.

Globally, gold rose by 0.82 percent to USD 1,212.50 an ounce and silver by 1.13 percent to USD 16.97 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity advanced by Rs 150 each to Rs 29,650 and Rs 29,500 per 10 grams, respectively. The precious metal had gained Rs 150 yesterday.

Sovereign, however, held steady at Rs 24,300 per piece of eight grams.

Tracking gold, silver ready moved up further by Rs 100 to Rs 41,400 per kg and weekly-based delivery by Rs 50 to Rs 41,270 per kg.

On the other hand, silver coins were unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.