Gold up on jewellers' buying, global cues

Gold prices edged up by Rs 50 to Rs 30,600 per 10 grams at the bullion market here today on seasonal buying by jewellers and a firming trend overseas.

Silver also recovered by Rs 250 to Rs 40,450 per kg due to increased offtake by industrial units and coin makers.

Traders said apart from pick up in buying by local jewellers triggered by festive season, a firm trend overseas as weakening dollar raised demand for the precious metals as safe-haven, mainly influenced sentiment here.

Globally, gold rose 0.37 per cent to USD 1,275.80 an ounce and silver by 0.81 per cent to USD 16.75 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 50 each to Rs 30,600 and Rs 30,450 per 10 grams respectively. It had lost Rs 200 in yesterday's trade.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

In tune with gold, silver ready rebounded by Rs 250 to Rs 40,450 per kg and weekly-based delivery by Rs 265 to Rs 39,550 per kg.

Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.