Gold rises on better global trend

A firm overseas trend on Thursday helped gold recover by Rs 100 to Rs 17,300 per ten gram in the bullion market here on fresh buying by stockists amid marriage season demand.

Marketmen said fresh buying by bulk traders in line with a better trend in the Asian region mainly pushed up the prices of precious metals -- gold and silver.

Gold purchases picked up as the metal traded higher by $2.50 to $1127 an ounce in Asia. Buying for the current marriage season further fuelled the uptrend, they added.

Standard gold and ornaments recovered by Rs 100 each to Rs 17,300 and Rs 17,150 per ten gram respectively.

Sovereign remained unchanged at Rs 14,000 per piece of eight gram. In similar fashion, silver ready rose by Rs 50 to Rs 27,750 per kg and weekly-based delivery by Rs 60 to Rs 27,425 per kg. Silver coins also gained Rs 200 to Rs 33,400 for buying and Rs 33,500 for selling of 100 pieces.