Gold strengthens on local buying, jumps Rs 200

New Delhi: Breaking its 5-day fall, gold today rode on a wave of local buying activity as it rose Rs 200 to Rs 29,050 per 10 grams, aided by a firm global trend.

Silver edged up on uptick in demand from industrial units and coin makers.
Traders attributed the rebound in gold prices to a firm trend overseas and increased buying by local jewellers at the domestic spot market.

Globally, gold firmed up 0.31 per cent to USD 1,204.50 an ounce and silver 0.44 per cent to USD 17.02 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 200 each to Rs 29,050 and Rs 28,900 per 10 grams, respectively. The metal had lost Rs 1,250
in the previous five days.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams.
Following gold, silver ready inched up by Rs 5 to Rs 40,980 per kg while weekly-based delivery fell by Rs 250 to Rs 40,530 per kg due to lack of speculators' buying support.

Silver coins jumped Rs 2,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.