Gold at over two-week high on global cues, jewellers buying

Extending yesterday's rise, gold prices rose by another Rs 75 to trade at over two-week high of Rs 27,200 per 10 grams at the bullion market today, tracking a firming trend overseas and increased buying by jewellers.

Silver, however, met with resistance at prevailing levels and fell by Rs 250 to Rs 37,050 per kg. Bullion traders said firming trend overseas where gold jumped to five-week high as weakening dollar raised demand for the precious metals and increased buying by jewellers mainly kept prices higher.

Globally, gold in New York, which normally determine price trend on the domestic front, was higher by 1.43 percent to USD 1,202 an ounce in yesterday's trade.

In the national capital, gold of 99.9 percent and 99.5 percent purity advanced by Rs 75 each to Rs 27,200 and Rs 27,050 per 10 grams, respectively, a level last seen on June 4. It had climbed by Rs 195 yesterday.

Sovereign also rose by Rs 100 at Rs 23,400 per piece of eight grams. On the other hand, silver ready declined by Rs 250 to Rs 37,050 per kg and weekly-based delivery shed Rs 65 at Rs 36,935 per kg.

Meanwhile, silver coins continued to be traded at previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.