Gold prices up by Rs 80: Should you buy now

New Delhi, July 26: Gold prices advanced by Rs 80 to Rs 30,930 per 10 grams at the bullion market today in line with a firm global trend and increased buying by local jewellers.

However, silver eased by Rs 50 to Rs 39,430 per kg due to reduced offtake by industrial units and coin makers.

Traders said apart from a firm trend overseas, sustained buying by local jewellers at the domestic spot market, kept gold prices higher.

Globally, gold rose 0.60 per cent to USD 1,231.40 an ounce and silver by 0.97 per cent to USD 15.58 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 80 each to Rs 30,930 and Rs 30,780 per 10 grams, respectively. The precious metal had gained Rs 10 yesterday.

Sovereign however, remained flat at Rs 24,700 per piece of eight grams.

On the other hand, silver ready declined by Rs 50 to Rs 39,430 per kg, while weekly-based delivery traded higher by Rs 55 to Rs 38,535 per kg on speculative buying.

On the other hand, silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.