Gold climbs Rs 200 on global cues, jewellers buying

Rising for the second straight day, gold prices firmed up by Rs 200 to Rs 29,850 per 10 grams today, driven by positive global cues and persistent buying by local jewellers.
Silver also rose by Rs 350 to Rs 42,800 per kg backed by increased offtake by industrial units and coin makers.
Marketmen said that besides a firming trend overseas, persistent buying by local jewellers to meet wedding season demand at the domestic spot market kept the precious metal prices higher.
Globally, gold rose by 1.29 per cent to USD 1,235.20 an ounce and silver by 1.26 per cent to USD 17.71 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by another Rs 200 each to Rs 29,850 and Rs 29,700 per 10 gram. It had gained Rs 100 yesterday.
Sovereign, also went up by Rs 100 to Rs 24,500 per piece of eight grams.
Following gold, silver ready rose further by Rs 350 to Rs 42,800 per kg and weekly-based delivery by 330 to Rs 42,435 per kg.
Silver coins, however, remained flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.