Gold prices rise on sustained buying during Navratra

New Delhi: Rising for the second straight session, gold prices inched up by another Rs20 to Rs29,270 per 10 grams at the bullion market on Monday on sustained buying by local jewellers even as the metal weakened overseas.

Silver prices, however, fell by Rs250 to Rs42,400 per kg due to reduced offtake by industrial units and coin makers.

Traders said increased buying by local jewellers at the domestic spot market to meet the ongoing Navratra demand kept gold prices higher but a weak trend overseas capped the rise.

Globally, gold fell by 0.31% to Rs1,245.30 an ounce and silver by 0.49% to $18.13 an ounce in Singapore.

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In the national capital, gold of 99.9% and 99.5% purity rose further by Rs20 each to Rs29,270 and Rs29,120 per 10 grams, respectively.

The metal gained Rs190 in Saturday’s trade. Sovereign, however, remained flat at Rs24,400 per piece of eight gram.

On the other hand, silver ready drifted lower by Rs250 to Rs42,400 per kg and weekly-based delivery by Rs75 to Rs42,255 per kg.

Silver coins, however, continued to be traded at previous level of Rs71,000 for buying and Rs72,000 for selling of 100 pieces.