Gold advances on marriage season buying, global cues

New Delhi-India (May 7)  Gold prices rose further by Rs 50 to Rs 30,750 per ten gram in the national capital today on sustained buying by stockists to meet ongoing marriage season demand amid a firming global trend.

Silver also moved up by Rs 100 to Rs 42,800 per kg on increased offtake by industrial units and coin makers.

Traders said continued buying by stockists driven by ongoing marriage season mainly led to rise in gold and silver prices.

They said firming global trend where gold rose to highest in almost three weeks as worsening tensions in Ukraine increased demand for a safe haven, also influenced the sentiment.

Gold in London, which normally sets price trend on the domestic front, rose by 0.4 per cent to USD 1,313.58 an ounce and silver by 0.6 per cent to USD 19.71 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity moved up by Rs 50 each to Rs 30,750 and Rs 30,550 per ten gram, respectively.

Sovereign, however, met with some resistance and declined by Rs 50 to Rs 25,100 per piece of eight gram.

In line with a general trend, silver ready rose by Rs 100 to Rs 42,800 per kg and weekly-based delivery by Rs 150 to Rs 42,750 per kg, while silver held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.