Gold up on local demand, global gains

Silver followed suit and gained Rs 120 to Rs 39,800 per kg due to pick up in demand from industrial units and coin makers.

Traders said sentiment remained firm on the back positive global cues as the weakness in dollar boosted demand for the precious metals as a safe haven.

Globally, gold rose 0.54 per cent to USD 1,329.10 an ounce and silver by 0.77 per cent to USD 17.09 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by another Rs 30 each to Rs 30,650 and Rs 30,500 per ten grams respectively. The precious metal had gained Rs 145 yesterday.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight grams in limited deals.

Silver ready rose further by Rs 120 to Rs 39,800 per kg and weekly-based delivery by Rs 90 to Rs 39,080 per kg.

Silver coins, however, held steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.