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Gold rises by Rs 150 on global cues; jewellers’ buying

New Delhi: Riding high on firm global trends and increased buying by local jewellers, gold rose for the second day as prices climbed by another Rs 150 to Rs 29,550 per 10 grams at the bullion market today.

Silver also recovered by Rs 150 to Rs 41,900 per kg on increased off take by industrial units and coin makers. Traders said, apart from a firming trend overseas, increased buying by local jewellers at domestic market to meet wedding season demand, mainly kept gold prices higher.

Globally, gold rose by 0.49 per cent to USD 1,201.20 an ounce and silver by 0.70 per cent to USD 17.20 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 150 each to Rs 29,550 and Rs 29,400 per 10 grams respectively. It had gained Rs 20 yesterday.

Sovereign, however, held steady at Rs 24,300 per piece of eight grams. Following gold, silver ready moved up by Rs 150 to Rs 41,900 per kg, while weekly-based delivery shed Rs 5 at Rs 41,475 per kg. Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.