Gold remains up on global cues, jewellers' buying

New Delhi: Gold maintained its upward trend for the second day on Saturday, gaining another Rs 25 at Rs 28,575 per 10 grams on positive global cues and sustained buying by local jewellers at the bullion market here.

Silver followed suit and gained another Rs 200 to Rs 38,600 per kg on increased offtake by industrial units and coin makers.

Traders said that besides a firm trend overseas, sustained buying by local jewellers mainly kept gold prices higher.

Globally, gold rose 0.24 percent to USD 1,227.70 an ounce and silver moved up 0.83 percent to USD 16.44 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 percent purity inched up further by Rs 25 each to Rs 28,575 and Rs 28,425 per 10 grams respectively. It had gained Rs 150 yesterday.

Sovereign, however, remained unaltered at Rs 24,300 per piece of eight grams in limited deals.

Silver ready advanced by Rs 200 to Rs 38,600 per kg, while weekly-based delivery fell by Rs 125 to Rs 38,155 per kg.

Silver coins, however, continued to trade at last level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.