Gold up on jewellers' buying, global cues

New Delhi: Gold today rose by Rs 50 to Rs 31,300 per ten gram on steady buying by local jewellers and positive global cues.

Silver too gained Rs 50 to Rs 39,250 per kg due to increased offtake by industrial units and coin makers.

Traders said sentiment remained strong on the back of a positive trend overseas where gold held firm, buoyed by a weaker dollar, while investors waited for US inflation data for clues on the pace of interest rate hikes.

Moreover, increased buying by local jewellers to meet ongoing wedding season demand at domestic spot market, supported the uptrend in gold.

Globally, gold was up 0.33 per cent to USD 1,326.90 an ounce and silver rose 0.48 per cent to USD 16.61 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 50 each to Rs 31,300 and Rs 31,150 per ten gram, respectively.

The metal had gained Rs 300 in last three days. Sovereign however remained flat at Rs 24,800 per piece of eight gram.

In line with the overall trend, silver ready hardened by Rs 50 to Rs 39,250 per kg and weekly-based delivery by Rs 275 to Rs 38,265 per kg.

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