Gold extends gains on global cues, jeweller buying

New Delhi: Amid positive global cues and increased buying by local jewellers, gold maintained its upward trend for the second straight day, climbing another Rs 125 to Rs 32,125 per 10 gram at the bullion market on Thursday.

Silver, however, met with resistance at prevailing higher levels and shed Rs 100 to Rs 41,300 per kg.

Traders said sentiment in gold remained upbeat on the back of a firming trend overseas, as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the US.

Globally, gold rose by 0.21 percent to USD 1,295.70 an ounce in Singapore.

Besides, persistent buying by local jewellers at domestic spot market too fuelled the uptrend, they said.

In the national capital, gold of 99.9 percent and 99.5 percent purity surged by Rs 125 each to Rs 32,125 and Rs 31,975 per 10 gram, respectively. It had gained Rs 120 in yesterday's trade.

Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight gram in limited deals.

On the other hand, silver ready fell by Rs 100 to Rs 41,300 per kg and weekly-based delivery by Rs 20 to Rs 40,460 per kg.

Silver coins, however, remained stable at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.