A firming global trend and persistent local buying kept gold prices high.
New Delhi: Maintaining an upward trend for the third straight session today, gold prices rose by Rs 160 to Rs 29,750 per 10 grams at the bullion market here on persistent local buying and positive global cues.
Silver also rebounded by Rs 440 to Rs 40,840 per kg on increased offtake by industrial units and coin makers. Bullion traders said besides firming global trend, persistent buying by local jewellers at domestic spot market mainly kept gold prices higher.
Globally, gold rose by 0.75 per cent to USD 1,288.90 an ounce and silver by 0.54 per cent to USD 17.62 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity climbed by Rs 160 each to Rs 29,750 and Rs 29,600 per 10 grams, respectively. The precious metal had gained Rs 340 in last two days. Sovereign also traded higher by Rs 100 to Rs 24,500 per piece of eight grams.
Tracking gold, silver ready shot up by Rs 440 to Rs 40,840 per kg and weekly-based delivery by Rs 250 to Rs 40,630 per kg. Silver coins, however, maintained a steady trend at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.