Gold up on global cues, jewellers' buying

Silver also advanced by Rs 225 to Rs 39,975 per kg due to increased offtake by industrial units.

Traders said sentiment improved owing to a weak dollar, as investors bought the yellow metal as a hedge against inflation.

Besides, pick-up in buying by jewellers at the domestic spot market aided the uptrend in gold prices.

Globally, gold rose 0.01 per cent to USD 1,346.70 an ounce and silver by 0.24 per cent to USD 16.66 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity was up by Rs 50 each to Rs 31,800 and Rs 31,650 per ten grams, respectively. The precious metal had lost Rs 70 in Saturday's trade.

Sovereign however remained unaltered at Rs 24,800 per piece of eight gram. In sync with gold, silver ready too spurted by Rs 225 to Rs 39,975 per kg, while weekly-based delivery slipped by Rs 80 to Rs 38,585 per kg.

Silver coins however plunged by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.