Gold remains up on sustained jewellers' buying

Gold maintained its upward trend for the second day today, gaining another Rs 30 at Rs 31,200 per 10 grams at the bullion market today on sustained buying by local jewellers even as the metal weakened overseas.

Silver, however, fell by Rs 180 to Rs 39,050 per kg due to reduced offtake by industrial units and coin makers.

Traders said increased buying by local jewellers to meet the wedding season demand at domestic spot market mainly kept gold prices higher but a weak trend overseas capped the gain.

Globally, gold fell 0.20 per cent to USD 1,315.70 an ounce and silver by 0.37 per cent to USD 16.43 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 inched up further by Rs 30 each to Rs 31,200 and Rs 31,050 per 10 grams, respectively. It had gained Rs 220 yesterday.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams in limited deals.

Silver ready also declined by Rs 180 to Rs 39,050 per kg, while weekly-based delivery edged up by Rs 45 to Rs 37,950 per kg.

Silver coins, however, continued to trade at last level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.