Gold up Rs 25 on global cues, jewellers buying

New Delhi: Riding on the firming trend overseas, gold continued its upward journey for the third straight day and rose by Rs 25 to trade at Rs 25,200 per ten grams at the bullion market today. Besides, pickup in demand at prevailing levels by jewellers and retailers, supported the upside.

Silver also moved up by Rs 100 to Rs 34,400 per kg on pickup in demand from industrial units and coin makers. Traders said besides a firming trend overseas on speculation that physical demand in Asia may pick up and increased buying by jewellers to meet upcoming festive season demand, mainly led to persistent rise in the precious metal prices.

Globally, gold gained 0.4 per cent to USD 1,098.62 an ounce and silver gained 0.9 per cent to USD 14.95 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity rose further by Rs 25 each to Rs 25,200 and Rs 25,050 per ten grams, respectively. It had gained Rs 195 in last two days.

Sovereign, however, remained steady at Rs 22,200 per piece of eight grams in limited deals. Tracking gold, silver ready moved up by Rs 100 to Rs 34,400 per kg and weekly-based by Rs 165 to Rs 34,195 per kg. On the other hand, silver coins was unchanged at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.

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