Gold rises on sustained buying, global cues

New Delhi, Feb 7. In a mixed trend, gold prices rose Rs 30 to Rs 30,540 per ten grams in the national capital today on sustained buying by stockists amid a firming global trend. However, silver met with resistance and lost Rs 300 to Rs 44,800 per kg. A similar trend was witnessed in Mumbai, as gold of 99.9 and 99.5 per cent purity strengthened by Rs 15 each to Rs 30,275 and Rs 30,125 per ten grams, respectively while silver declined by Rs 200 to Rs 45,400 per kg. Traders said sustained buying by stockists for the wedding season mainly helped gold prices to gain further ground. Firming global trend where gold rose ahead of US jobs data and expectations that China might emerge as the largest consumer after returning from the Lunar New Year holidays, also boosted the sentiment, they said. Gold in Singapore, which normally sets price trend on the domestic front, rose 0.4 per cent to USD 1,263.23 an ounce. At the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 30 each to Rs 30,540 and Rs 30,340 per ten grams, respectively. It had gained Rs 50 yesterday. Sovereign held steady at Rs 25,300 per piece of eight grams. On the other hand, silver ready fell by Rs 300 to Rs 44,800 per kg and weekly-based delivery by Rs 385 to Rs 44,400 per kg. The white metal had surged by Rs 950 in last trade. Silver coins, however, held steady at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.