Gold price rises to Rs 29,550 on global cues, jewellers' buying

Mumbai-India (April 29)  Gold prices maintained an upward trend for the third day today, by gaining Rs. 70 to Rs. 29,550 per 10 grams at the bullion market due to firm global cues and increased buying by local jewellers.

On the other hand, silver remained under selling pressure and dropped further by Rs. 275 to Rs. 40,225 per kg due to offtake from industrial units and coin makers.

Traders said apart from a firm trend overseas, persistent buying by local jewellers to meet the ongoing wedding season demand at the domestic spot market helped gold make headway.

Globally, gold rose 0.33 per cent to $1,267.70 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs. 70 each to Rs. 29,550 and Rs. 29,400 per 10 grams, respectively. The precious metal had gained Rs. 130 in the last two days.

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

However, silver continued to face selling pressure and fell further by Rs. 275 to Rs. 40,225 per kg and weekly-based delivery declined by Rs. 115 to Rs. 39,505 per kg.

Silver coins, however, remained unaltered at Rs. 70,000 for buying and Rs. 71,000 for selling of 100 pieces

Source: BusinessLine