Gold prices up Rs 70 on domestic buying

New Delhi: Propped by firm global cues and increased buying by jewellers at the domestic bullion market, gold prices advanced for the second straight day today, gaining Rs 70 at Rs 29,100 per 10 grams.

Silver also recaptured the Rs 41,000-level by surging Rs 550 to Rs 41,300 per kg backed by increased off-take by industrial units and coin makers.

Marketmen said that 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.

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

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

Sovereign, however, remained flat at Rs 24,200 per piece of eight grams.

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.

Silver coins, too, moved up by Rs 1,000 to Rs 72,000 for buying of 100 pieces, and Rs 73,000 for selling.