Gold stays firm on global cues, jewellers' buying

New Delhi: Gold prices climbed Rs 90 to Rs 29,250 per 10 grams, rising for the second straight session at the bullion market today, in tandem with a firm trend overseas and sustained buying by local jewellers.

Silver also recaptured the Rs 39,000-mark by gaining Rs 200 to Rs 39,100 per kg on uptick in demand from industrial units and coin makers.

Marketmen said firming global trend as weakness in the dollar raised demand for the precious metals as a safe-haven, mainly buoyed sentiment.

Globally, gold rose by 0.30 percent to USD 1,250.50 an ounce and silver by 0.66 percent to USD to 16.74 an ounce in Singapore.

In addition, increased buying by local jewellers at the domestic spot market also supported the upmove in gold.

In the national capital, gold of 99.9 percent and 99.5 percent purity advanced Rs 90 each to Rs 29,250 and Rs 29,100 per 10 grams, respectively. The metal had gained Rs 60 yesterday.

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

Silver ready also rose by Rs 200 to Rs 39,100 per kg and weekly-based delivery by Rs 310 to Rs 38,735 per kg.

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