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Gold Prices Extend Gains Beyond Rs 29,000

A firm global trend in the wake of weakness in equities drove safe haven buying in gold.
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Gold prices rose to Rs 29,150 today.
Gold prices rose to Rs 29,150 today.
Gold prices moved ahead by Rs 100 to Rs 29,150 per 10 grams today, riding largely on a firm trend overseas along with increased buying by local jewellers. A firm global trend in the wake of weakness in equities drove safe haven buying. The US dollar weakened too, which took gold prices higher.

Silver rose Rs 250 to Rs 38,750 per kg following increased offtake. Globally, gold rose 0.23 per cent to $1,246.90 an ounce and silver by 0.34 per cent to USD 16.36 an ounce in Singapore.

In addition, pick-up in buying by local jewellers at the domestic spot market fuelled the trend, traders said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved up by Rs 100 each to Rs 29,150 and Rs 29,000 per 10 grams, respectively. It had lost Rs 60 yesterday.

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

Following gold, silver ready advanced Rs 250 to Rs 38,750 per kg and weekly-based delivery Rs 265 to Rs 37,815 per kg. On the other hand, silver coins maintained a steady trend at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.



(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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