Gold price gains on global trend, silver retraces 55K

Gold prices firmed up further at the domestic bullion market today on steady buying support from stockists and investors, mainly backed by higher global trend.

Silver also climbed to revisit 55k-per kg level on consistent speculative buying as well as industrial demand.

Standard gold of 99.5 per cent purity rose Rs 65 to end at Rs 29,760 per 10 gm from Tuesday's closing level of Rs 29,695.

Pure gold of 99.9 per cent purity added by a similar margin to conclude at Rs 29,900 per 10 gm as against Rs 29,835 previously.

Silver ready (.999 fineness) surged by Rs 185 to finish at Rs 55,165 per kg from Rs 54,980 yesterday.

At the global front, gold held steady near its three-week high amid continued uncertainty over Cyprus crisis as well as some investors optimism that it may not spread further across euro zone.

In Europe, spot gold bid at USD 1,610.52 an ounce in early trade, silver was bid higher at USD 28.97 an ounce.

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