Gold up on global cues, jewellers' buying

Gold rose by Rs 80 to Rs 31,660 per ten gram at the bullion market today, tracking a firm trend overseas amid increased buying by local jewellers.

Silver also recovered by Rs 225 to Rs 39,700 per kg due to increased offtake by industrial units and coin makers.

Marketmen said apart from a firm trend overseas as weakness in dollar boosted safe haven demand, persistent buying by local jewellers kept gold prices higher.

Globally, gold rose 0.82 per cent to USD 1,339.10 an ounce and silver by 1.33 per cent to USD 16.72 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 80 each to Rs 31,660 and Rs 31,510 per ten gram, respectively. The yellow metal had gained Rs 230 in the previous two sessions.

Sovereign however remained unaltered at Rs 24,800 per piece of eight gram.

Silver ready also bounced back by Rs 225 to Rs 39,700 per kg and weekly-based delivery by Rs 105 to Rs 38,605 per kg.

Silver coins however held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.