Gold stays firm on global cues, jewellers' buying

New Delhi: Gold prices edged up by Rs 10 to Rs 29,110 per ten gram at the bullion market today in tandem with a firm trend overseas and sustained buying by local jewellers.

Silver also rose by Rs 50 to Rs 38,550 per kg backed by increased offtake by industrial units and coin makers.

Marketmen said besides a firming global trend where gold rallied as the dollar weakened, boosting demand for the precious metals as safe haven, increased buying by local jewellers at the domestic spot market kept gold prices higher.

Globally, gold rose 0.67 per cent to USD 1,242 an ounce and silver by 1.12 per cent to USD 16.26 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity inched up by Rs 10 each to Rs 29,110 and Rs 28,960 per ten gram, respectively. The metal had gained Rs 150 yesterday.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight gram. Following gold, silver ready also traded higher by Rs 50 to Rs 38,550 per kg and weekly-based delivery by Rs 100 to Rs 37,550 per kg.

Silver coins, however, held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.