Gold surges on firm global cues, jewellers' buying

Gold prices rallied for the second day on the back of positive global cues, rising by Rs 200 to Rs 30,400 per ten gram at the bullion market today.

Besides, persistent buying by local jewellers to meet the increased demand helped the upswing.

Silver too gained Rs 300 to Rs 41,500 per kg on increased offtake by industrial units and coin makers.

Marketmen said apart from a firm trend overseas where gold surged after the US jobs data for August fell short of expectations, increased buying by local jewellers at the domestic spot market, kept the prices higher.

Globally, gold rose 0.27 per cent to USD 1,324.40 an ounce and silver by 0.91 per cent to USD 17.70 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 200 each to Rs 30,400 and Rs 30,250 per ten gram, respectively. It had gained Rs 150 yesterday.

Sovereign however remained unaltered at Rs 24,600 per piece of eight gram.

Tracking gold, silver ready rose further by Rs 300 to Rs 41,500 per kg and weekly-based delivery by Rs 240 to Rs 40,020 per kg.

Silver coins however remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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