Gold prices edge up on global cues, jewellers’ buying

New Delhi: Gold prices inched up by Rs10 to Rs29,700 per 10 gram at the bullion market on Thursday on firm trend overseas amid scattered buying by local jewellers. Silver also rebounded by Rs105 to Rs38,280 per kg, backed by increased offtake by industrial units and coin makers.

Traders said a firm trend overseas where gold hovered near a two-week high amid a steady dollar and weaker stocks, mainly led to rise in gold prices. Besides, some buying by local jewellers at domestic spot market aided the uptick.

Globally, gold rates rose 0.16% to USD 1,267.10 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity went up by Rs10 each to Rs29,700 and Rs29,550 per ten gram, respectively. It had shed Rs10 on Wednesday. Sovereign however remained unaltered at Rs24,500 per piece of eight gram.

Tracking gold, silver ready recovered by Rs105 to Rs38,280 per kg and weekly-based delivery by Rs185 to Rs37,605 per kg. Silver coins however held steady at Rs70,000 for buying and Rs71,000 for selling of 100 pieces.