Gold above Rs 31,000 on firm global cues, jewellers' buying

Gold prices advanced by Rs 50 to Rs 31,250 per 10 grams today in tandem with a firm trend overseas along with sustained wedding season buying by local jewellers.

Silver also recovered by Rs 150 to Rs 39,200 per kg on increased offtake by industrial units and coin makers.

Traders said, positive global cues as the dollar eased after last week's rally and investors waited for more data on the US inflation amid expectations of rising interest rates, mainly buoyed sentiment here.

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Globally, gold rose 0.48 per cent to $1,322 an ounce and silver by 0.58 per cent to USD 16.43 an ounce in Singapore.

Besides, persistent buying by local jewellers to meet wedding season demand at the domestic spot market, fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity added Rs 50 each to Rs 31,250 and Rs 31,100 per 10 grams, respectively. The precious metal had gained Rs 250 in last two days.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.

Silver ready recovered by Rs 150 to Rs 39,200 per kg and weekly-based delivery edged up by Rs 40 to Rs 37,990 per kg.

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.