Gold extends gains on positive global cues, jewellers' buying

Gold prices maintained an upward trend for the third day today, gaining Rs 70 to Rs 29,550 per 10 grams at the bullion market, amid firm global cues and increased buying by local jewellers.

On the other hand, silver remained under selling pressure and dropped further by Rs 275 to Rs 40,225 per kg due to offtake from industrial units and coin makers.

Traders said apart from a firming trend overseas, persistent buying by local jewellers to meet ongoing wedding season demand at domestic spot market helped gold make headway.

Globally, gold rose 0.33 per cent to USD 1,267.70 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 70 each to Rs 29,550 and Rs 29,400 per 10 grams, respectively. The precious metal had gained Rs 130 in the last two days.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

However, silver continued to face selling pressure and fell further by Rs 275 to Rs 40,225 per kg and weekly- based delivery declined by Rs 115 to Rs 39,505 per kg.

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

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)