Jewellers' buying keeps the yellow metal alive and kicking in domestic market.

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Smart Money Financial Services - Gold tipsThe yellow metal lost strength in the overseas market but shined in the domestic market due to the increase in the buying by local jewellers. Gold prices spiked by Rs 100 and reached Rs Rs 29,350 per 10 grams at a bullion market. The reduced offtake by industrial units has dragged the price of silver by Rs 5 to Rs 40,265 per kg.

The wedding season has further increased the demand of the gold in the domestic market, thinks market observers. This surge in the demand spiked the price of the gold in the domestic market but a weak trend in global market corked the gain.In the global market, the gold price slipped 0.02 per cent to USD1,266.50 an ounce in Singapore.

On speculative buying, the weekly-based delivery of silver edged up by Rs 40 to Rs 40,130 per kg. Silver receded by Rs 5 to Rs 40,265 per kg. Silver coins maintained a steady trend Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.
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