Gold edges up on global cues, jewellers' buying

New Delhi: Gold inched up by Rs 10 to Rs 29,700 per ten gram at the bullion market on Thursday on firm trend overseas amid scattered buying by local jewellers.

Silver also rebounded by Rs 105 to Rs 38,280 per kg, backed by increased offtake by industrial units and coin makers.

Traders said a firm trend overseas where gold hovered near a 2-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 rose 0.16 percent to USD 1,267.10 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity went up by Rs 10 each to Rs 29,700 and Rs 29,550 per ten gram, respectively. It had shed Rs 10 yesterday.

Sovereign however remained unaltered at Rs 24,500 per piece of eight gram.

Tracking gold, silver ready recovered by Rs 105 to Rs 38,280 per kg and weekly-based delivery by Rs 185 to Rs 37,605 per kg.

Silver coins however held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.