Gold remains up on seasonal demand, global cues

Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday mostly on persistent buying by jewellers and retailers to meet seasonal demand amid a firming global trend.

Silver followed suit and gained Rs 200 to Rs 37,450 per kg on increased offtake by industrial units and coin makers.

Marketmen said increased buying by jewellers and retailers to meet wedding season demand mainly kept precious metal higher.

Besides, firming global trend where gold extended gains to the highest level in almost three months, also buoyed the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.5 per cent, to USD 1,239.34 an ounce, the highest price since October 23 and silver by 1.7 per cent to USD 16.85 an ounce, the highest level since December 15.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 70 each to Rs 27,550 and Rs 27,350 per ten gram respectively, while sovereign held steady at Rs 23,800 per piece of eight gram in restricted buying.

In a similar fashion, silver ready rose further by Rs 200 to Rs 37,450 per kg and weekly-based delivery by Rs 145 to Rs 37,390 per kg.

Silver coins spurted by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.