Gold rises to Rs. 29,350 on wedding season demand

New Delhi-India (May 29)  Gold prices rose Rs. 100 to Rs. 29,350 per 10 grams at the bullion market on increased buying by local jewellers even as the metal weakened overseas.

However, silver receded by Rs. 5 to Rs. 40,265 per kg on reduced offtake by industrial units.

Marketmen said increased buying by local jewellers to meet the wedding season demand at the domestic spot market mainly led to the rise in gold prices but a weak trend overseas capped the gain.

Globally, gold fell 0.02 per cent to $1,266.50 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs. 100 each to Rs. 29,350 and Rs. 29,200 per 10 grams, respectively.

Sovereign, however, remained unaltered at Rs. 24,400 per piece of 8 grams.

Silver ready receded by Rs. 5 to Rs. 40,265 per kg, while weekly-based delivery edged up by Rs. 40 to Rs. 40,130 per kg on speculative buying.

On the other hand, silver coins maintained a steady trend at Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.

Source: BusinessLine