Gold bounces Rs 100 on positive global cues; jewellers' demand

New Delhi: Gold prices moved up by Rs 100 to Rs 29,650 per 10 grams at the bullion market today, tracking a firm trend overseas and increased buying by local jewellers.
Silver also gained Rs 250 at Rs 42,450 per kg on increased offtake by industrial units and coin makers.

The dollar slipped against a basket of major currencies boosting demand for a safe-haven, traders said, adding that increased buying by local jewellers at domestic market to meet wedding season demand also kept gold prices high.

Globally, gold rose by 0.27 percent to USD 1,222.80 an ounce and silver by 0.29 percent to USD 17.54 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 percent purity climbed by Rs 100 each to Rs 29,650 and Rs 29,500 per 10 grams respectively. Sovereign, however, held steady at Rs 24,400 per piece of eight grams in limited deals.

Following gold, silver ready traded higher by Rs 250 to Rs 42,450 per kg and weekly-based delivery recaptured the Rs 42,000-mark by surging Rs 405 to Rs 42,105 per kg.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.