Gold rises for 2nd day, ends at Rs 30,450 per 10 grams

Gold prices rose for the second straight session Wednesday on wedding season demand.

New Delhi: Gold prices rose for the second straight session on Wednesday amid strong wedding season demand.

Persistent buying by local jewellers to meet ongoing wedding season demand at domestic spot market kept gold prices up.

In the national capital, gold of 99.9 percent and 99.5 percent purity advanced by Rs 60 each to Rs 30,450 and Rs 30,300 per ten grams, respectively. The yellow metal had gained Rs 255 yesterday.

On the other hand, silver ready drifted lower by Rs 125 to Rs 40,575 per kg and weekly-based delivery by Rs 150 to Rs 39,675 per kg.

At Multi Commodity Exchange (MCX), gold for delivery in December was trading higher by Rs 19, or 0.06 percent, to Rs 29,456 per 10 grams.

Globally, gold prices, however,  fell 0.5 percent today, retreating a bit from the previous day`s rally as a stronger US dollar reduced the appeal of safe-haven investments, and oil prices also dipped.

On Monday, bullion rose as much as 1 percent for its biggest daily rise in six weeks, after news of a string of high-profile arrests in Saudi Arabia boosted oil to a 2-1/2-year high.

Spot gold was down 0.5 percent at USD 1,275.30 an ounce, while US gold futures for December delivery settled down USD 5.80, or 0.5 percent, at USD 1,275.80 per ounce.