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Gold, Silver Move Up On Higher Global Cues

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Both the precious metals, gold and silver rose on the bullion market today on fresh buying by stockists and investors, tracking a firming trend in global markets.

While gold inched up by Rs 15 to Rs 29,565 per 10 gm, silver rose by Rs 200 to Rs 54,800 per kg.

Trading sentiment bolstered after gold strengthened in London as a weaker dollar spurs demand for the metal as an alternative asset.

Gold in global markets, which normally set price trend on the domestic front, rose 0.4 per cent to USD 1,580.05 an ounce and silver by 0.1 per cent to USD 28.56 an ounce in London.

On the domestic front, gold of 99.9 and 99.5 per cent purity inched up by Rs 15 to Rs 29,565 and Rs 29,425 per 10 gm, respectively.

Sovereign followed suit and moved up by Rs 50 to Rs 23,850 per piece of eight gram.

Similarly, silver ready rose by Rs 200 to Rs 54,800 per kg and weekly-based delivery by Rs 210 to Rs 54,710 per kg.

Silver coins, too, traded higher by Rs 1,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.