Gold gains on positive global cues, buying support

Buoyed by a firming trend overseas and seasonal buying, gold prices rose by Rs 65 to Rs 16,705 per ten grams on the bullion market here today. 

Standard gold and ornaments gained Rs 65 each to Rs 16,705 and Rs 16,555 per ten grams, respectively, while sovereign held steady at Rs 13,925 per piece of eight grams in limited deals.

Marketmen said besides a positive global trend, seasonal
demand also supported the upside in prices of the precious
metal.

Gold gained 0.3% to USD 1,096.58 an ounce in London.

However, silver, in absence of support at higher leves, declined by Rs 100 to Rs 24,650 per kg and weekly-based delivery lost Rs 80 to Rs 24,390 per kg.

Meanwhile, silver coins remained steady at their previous rates of Rs 33,000 for buying and Rs 33,100 for selling of 100 pieces.