Gold moves north on scattered buying

Gold rallied by Rs 30 to Rs 30,480 per 10 gram at the bullion market today on mild buying by local jewellers, shrugging off a weak trend overseas.

However, silver fell by Rs 120 to Rs 39,880 per kg due to reduced offtake by industrial units and coin makers amid weak global cues.

Traders attributed the rise in gold prices to some buying by local jewellers at domestic spot markets, but a weak trend overseas capped the rise.

Globally, gold fell 0.11 per cent to USD 1,317.30 an ounce and silver by 0.38 per cent to USD 17.09 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced by Rs 30 each to Rs 30,480 and Rs 30,330 per 10 gram, respectively. The precious metal had shed Rs 50 in Saturday's trade.

Sovereign however remained flat at Rs 24,700 per piece of eight gram.

On the other hand, silver ready dropped by Rs 120 to Rs 39,880 per kg and weekly-based delivery by Rs 135 to Rs 39,115 per kg.

Silver coins however maintained a steady trend at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

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