Gold rallies on jewellers' buying, firm global cues

New Delhi: Gold prices rallied by Rs 70 to Rs 32,100 per 10 gram at the bullion market Thursday on the back of sustained buying by local jewellers amid firm global cues.

However, silver eased by Rs 50 to Rs 39,350 per kg due to reduced offtake by industrial units and coin makers.

Bullion traders said persistent buying by local jewellers and positive global cues, mainly kept gold higher.

Globally, gold in narrow movements amid upbeat US economic data rose by 0.10 per cent to USD 1,198.06 an ounce in Singapore Thursday.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 70 each to Rs 32,100 and Rs 31,950 per 10 gram, respectively. The precious metal had gained Rs 555 Wednesday.

Sovereign gold however traded steady Rs 24,600 per piece of 8 gram.

On the other hand, silver ready declined by Rs 50 to Rs 39,350 per kg, while weekly-based delivery eased by Rs 35 to settle at Rs 38,945 per kg.

Silver coins, however, remained unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.