Gold strengthens by Rs 175 on global cues, fresh buying

Continuing its upward trend for the second straight day, gold prices rose by another Rs 175 to Rs 28,200 per 10 grams on positive global cues and increased buying by jewellers.
Silver followed suit and strengthened by Rs 350 to Rs 39,500 per kg on increased offtake from industrial units and coin makers.
Bullion traders attributed the persistent gains in the yellow metal to a firming trend overseas and uptick in buying by local jewellers at domestic spot market.
Globally, gold rose 0.35 per cent to USD 1,142.30 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced Rs 175 each to Rs 28,200 and Rs 28,050 per 10 grams, respectively. The precious metal had climbed Rs 475 yesterday.

Sovereign, however, held steady at Rs 24,000 per piece of eight grams.
Following gold, silver ready moved up further by Rs 350 to Rs 39,500 per kg and weekly-based delivery by Rs 195 to Rs 39,315 per kg.
On the other hand, silver coins were unaltered at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.