Gold climbs Rs 300 on global cues, jewellers' buying

New Delhi: Gold prices surged by Rs 300 to 29,350 per 10 grams at the bullion market today in tandem with a firm overseas trend amid increased buying by local jewellers.

Silver followed in the yellow metal's footsteps to recapture the Rs 41,000-mark by climbing Rs 550 to Rs 41,450 per kg on increased offtake by industrial units and coin makers. Bullion traders said that apart from a firm trend overseas, increased buying by local jewellers at domestic spot market mainly led to rally in gold prices.

Globally, gold rose by 0.25 per cent to USD 1,247.30 an ounce and silver by 0.20 per cent to USD 17.55 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity climbed by Rs 300 each to Rs 29,350 and Rs 29,200 per 10 grams respectively.

The precious metals had lost Rs 100 yesterday. Sovereign also moved up by Rs 100 at Rs 24,400 per piece of eight grams. Silver ready rose by Rs 550 to Rs 41,450 per kg and weekly-based delivery by Rs 565 to Rs 41,305 per kg. Silver coins too surged by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.