Gold price extends gain, up Rs 130 on global cues, jewellers' buying

New Delhi: Gold continued its upward march for the third straight day by rising Rs 130 to Rs 29,400 per 10 grams at the bullion market Wednesday on positive global cues and increased buying by local jewellers.

Silver recovered by Rs 200 to Rs 42,600 per kg, backed by increased offtake by industrial units and coin makers.

Traders said besides a firm trend overseas, pick up in buying by local jewellers at the domestic spot market kept gold prices higher.

Globally, gold rose 0.10 percent to USD 1,257 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity rose further by Rs 130 each to Rs 29,400 and Rs 29,250 per 10 grams, respectively. The precious metal had gained Rs 210 in the previous two days.

Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams in limited deals.

Silver ready also recovered by Rs 200 to Rs 42,600 per kg, while weekly-based delivery rose by Rs 170 to Rs 42,425 per kg.

On the other hand, silver coins remained flat at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.