Gold remains up on global cues, wedding season buying

Gold prices rose by another Rs 80 to Rs 25,820 per 10 gram at the bullion market on Thursday, tracking a firm global trend amid wedding season buying by jewellers as well as retailers.

Silver followed suit and traded higher by Rs 250 to Rs 34,400 per kg on increased offtake by industrial units and coin-makers.

Bullion traders said besides a firm global trend, pick up in buying from jewellers to meet ongoing wedding season demand mainly led to rise in the precious metals prices.

Globally, gold traded a shade higher at $1,071.50 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 80 each to Rs 25,820 and Rs 25,670 per 10 grams respectively.

Market remained closed on Wednesday on account of Gurunanak Jayanti.

Sovereign, however, remained steady at Rs 22,200 per piece of eight grams in limited deals.

Tracking gold, silver ready rose by Rs 250 to Rs 34,400 per kg and weekly-based delivery by Rs 395 to Rs 34,030 per kg.

On the other hand, silver coins were unchanged at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces in restricted activity.