Gold rallies on firm global cues, jewellers' buying

Gold prices Thursday rose by Rs 150 to close at Rs 32,000 per 10 gm at the bullion market in the national capital, following a firm trend overseas amid fresh buying by local jewellers.

Silver, on the other hand, fell by Rs 130 to close at Rs 37,750 per kg, owing to slackened demand from coin makers and industrial units.

Traders said gold prices shot up on the back of a firm trend overseas amid increased buying by local jewellers at the domestic spot market.

Globally, gold edged up by 0.52 per cent to USD 1,249.80 an ounce and silver rose 0.21 per cent to USD 14.69 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities traded higher by Rs 150 each to Rs 32,000 and Rs 31,850 per 10 gm, respectively. The precious metal had fallen Rs 210 Wednesday. Sovereign held steady at Rs 25,000 per piece of 8 gram on little doing.

Silver ready, however, traded lower by Rs 130 to Rs 37,750 per kg, while weekly-based delivery was down by Rs 175 to Rs 37,258 per kg. Silver coins held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.