Gold remains up; silver at Rs 42,000/kg on global cues

Mumbai: Gold prices today rose by Rs 200 to Rs 29,750 per 10 grams at the bullion market here on persistent buying by jewellers boosted by firm global prices of the precious metal. The gold prices have been on the rise since January 28 and have gained Rs 600 since then. Silver also crossed the Rs 42,000 level by rising Rs 300 to Rs 42,200 per kg on increased offtake from industrial units and coin makers.

Bullion traders said that besides a firming trend overseas, steady buying by local jewellers amid the ongoing wedding season mainly kept the precious metal prices higher. Gold rose by 0.59 per cent to USD 1,208.50 an ounce in Singapore today. The precious metal had risen by 1.25 per cent to USD 1,210.30 an ounce and silver went up by 2.75 per cent to USD 17.55 an ounce in New York yesterday.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 200 each to Rs 29,750 and Rs 29,600 per 10 grams respectively. Sovereign, also went up by Rs 100 to Rs 24,400 per piece of eight grams. In sync with gold, silver ready rose further by Rs 300 to Rs 42,200 per kg and weekly-based delivery by Rs 395 to Rs 41,870 per kg. On the other hand, silver coins remained steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.