Gold firms up on jewellers' buying

Gold prices gained Rs 80 to Rs 33,250 per 10 gram at the bullion market on Monday due to fresh buying by local jewellers, even as the metal lost steam overseas, according to the All India Sarafa Association.

Silver, however, fell by Rs 370 to Rs 39,530 per kg due to low offtake from industrial units and coin makers.

Traders attributed the rise in gold prices to pick-up in demand from local jewellers in the domestic market, but said a weak trend overseas capped the gains.

Globally, gold shed 0.09 per cent to USD 1,297.50 an ounce, and silver 0.20 per cent to USD 15.38 an ounce in New York as a weak U.S employment report sent the greenback lower and clouded the outlook for the global economy.