Gold shines on global cues, jewellers' buying

New Delhi: Gold prices rose by Rs 90 to Rs 29,190 per 10 grams at the bullion market today on positive global cues and increased buying by local jewellers.

Silver also strengthened by Rs 50 to Rs 39,050 per kg, backed by increased offtake by industrial units and coin makers.

Sentiment improved largely on the back of a firm trend overseas, as weaker oil prices drove up the demand for the precious metal, with a softer dollar and weakness in US Treasury yields also lending support, traders said.

Globally, gold rose by 0.31 per cent to USD 1,253.90 an ounce and silver by 1.03 per cent to USD 16.69 an ounce in Singapore, a key price-setting Asian market.

Besides, pick up in buying by local jewellers at domestic spot market fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved up by Rs 90 each to Rs 29,190 and Rs 29,040 per 10 grams respectively. It had shed Rs 5 yesterday.

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

Tracking gold, silver ready went up by Rs 50 to Rs 39,050 per kg while weekly-based delivery gained Rs 110 to Rs 38,465 per kg.

On the other hand, silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.