Gold remains in a sweet spot, moves up Rs 150

New Delhi: Gold remained in a sweet spot for the second day today as the price rose another Rs 150 to Rs 29,150 per 10 grams, making the most of a global uptrend and local jewellers' penchant for the yellow metal. Silver played out similarly, higher by Rs 200 at Rs 41,200 per kg, on increased offtake by industrial units and coin makers.

Traders said a firming trend overseas amid weakening of the dollar following the dovish outlook by the US Fed took the precious metal higher. Persistent buying by local jewellers added to the shine.

Globally, gold rose 0.46 per cent to USD 1,234.40 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 150 each to Rs 29,150 and Rs 29,000 per 10 grams, respectively.

It had gained Rs 50 on Saturday. Sovereign, however, turned weak and fell by Rs 100 to Rs 24,300 per piece of eight grams. In line with gold, silver ready moved up by Rs 200 to Rs 41,200 per kg while weekly-based delivery fell by Rs 710 to Rs 40,200 per kg. Silver coins, however, remained unchanged at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.