Gold prices shine on global cues, jewellers' buying

New Delhi: Gold prices went up by Rs 60 to Rs 29,160 per ten grams at the bullion market today, tracking a firm trend overseas and fresh buying by local jewellers.

However, silver remained under selling pressure and fell further by Rs 50 to Rs 38,900 per kg.

Traders attributed the rise in gold prices to a firm trend in global markets ahead of comments from Federal Reserve for further signs of the central bank's likely rate hike trajectory and fresh buying by local jewellers at the domestic spot market.

Globally, gold rose 0.63 percent to USD 1,252.30 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity moved up by Rs 60 each to Rs 29,160 and Rs 29,010 per ten grams, respectively. The metal had lost Rs 125 yesterday.

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

On the other hand, silver ready further fell by Rs 50 to Rs 38,900 per kg and weekly-based delivery went down by Rs 60 to Rs 38,425 per kg.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.