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Gold edges up Rs 50 on wedding demand, global cues

New Delhi: Gold prices edged higher by Rs 50 to Rs 29,900 per 10 grams at the bullion market today on increased buying by local jewellers to meet marriage season demand at domestic spot market amid a firming trend overseas. Silver, however, met resistance and slipped by Rs 60 to Rs 42,740 per kg.

Bullion traders said besides pick-up in buying by local jewellers to meet ongoing wedding season demand at domestic spot market, a firming trend overseas mainly led to rise of the yellow metal. Globally, gold rose 0.05 per cent to USD 1,241.60 an ounce and silver by 0.03 per cent to USD at 17.75 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved up by Rs 50 each to Rs 29,900 and Rs 29,750 per 10 grams, respectively. Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams. On the other hand, silver ready declined by Rs 60 to Rs 42,740 per kg and weekly-based delivery shed Rs 6 at Rs 42,299 per kg. Silver coins spurted by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

PTI