Gold gains sheen, hits over 1-month high of Rs 29,250

New Delhi: Continuing uptrend for the third straight session, gold prices today rose by another Rs 150 to trade at an over one-month high of Rs 29,250 per 10 grams at the bullion market here on persistent buying by local jewellers and firming trend overseas. However, silver fell by Rs 50 to Rs 41,250 per kg on reduced offtake by industrial units and coin makers.

Marketmen said that besides a firming trend overseas where gold trade at USD 1,200 an ounce, an increased buying by local jewellers to meet retailers' demand at the domestic spot market kept the prices higher.

Globally, gold rose 0.75 per cent to USD 1,200 an ounce and silver 0.87 per cent to USD 16.84 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 150 each to Rs 29,250 and Rs 29,100 per ten grams, respectively, a level last seen on December 3 when it closed at Rs 29,250. The precious metal has gained Rs 400 in the last two days.

Sovereign also went up by Rs 100 at Rs 24,300 per piece of eight grams. On the other hand, silver ready declined by Rs 50 to Rs 41,250 per kg, while weekly-based delivery traded higher by Rs 55 to Rs 41,200 per kg.

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