Gold rises on firm global cues, festive season buying
New Delhi, Oct 14 (PTI) Gold recovered by Rs 50 to Rs30,850 per ten gram at the bullion market today largely onpositive cues from overseas and increased buying by localjewellers.
Silver also climbed Rs 300 to Rs 41,500 per kg due toincreased offtake by industrial units and coin makers.
Sentiment got a lift after gold surged overseas buoyedby a weak dollar, with investors waiting for key US inflationdata for clues on the outlook for potential hikes in USinterest rates, traders said.
Globally, gold rose 0.79 per cent to USD 1,303.30 anounce and silver by 1.02 per cent to USD 17.41 an ounce in NewYork in yesterday's trade.
Besides, pick-up in buying by local jewellers to meet theongoing festive season demand at domestic spot market toofuelled the uptrend, they said.
In the national capital, gold of 99.9 per cent and 99.5per cent purity went up by Rs 50 each to Rs 30,850 and Rs30,700 per ten gram, respectively. The precious metal hadshed Rs 30 in yesterday's trade.
Sovereign however remained unaltered at Rs 24,700 perpiece of eight gram in limited deals.
Following gold, silver ready rebounded by Rs 300 to Rs41,500 per kg and weekly-based delivery traded higher by Rs 15to Rs 40,400 per kg.
On the other hand, silver coins continued to trade at theprevious level of Rs 74,000 for buying and Rs 75,000 forselling of 100 pieces. PTI SUN KPSANU.
This is unedited, unformatted feed from the Press Trust of India wire.