Gold rallies on positive global cues, jewellers' buying

New Delhi: Gold rose by Rs 50 to Rs 31,660 per 10 gram at the bullion market on Wednesday in tandem with a firming trend overseas amid persistent buying by local jewellers.

Silver too surged by Rs 300 to Rs 38,000 per kg on increased offtake by industrial units and coin makers.

Traders said gold edged up on the back of firm trend overseas as the dollar weakened despite another round of tit-for-tat tariffs in the China-US trade dispute.

Besides, increased buying by local jewellers to meet the ongoing festive season demand at the domestic spot market, supported the upside, they said.

Globally, gold rallied 0.40 per cent to USD 1,202.70 an ounce and silver by 0.42 pr cent to USD 14.17 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 50 each to Rs 31,660 and Rs 31,510 per 10 gram, respectively. Sovereign, however, remained flat at Rs 24,500 per piece of eight gram.

In similar fashion, silver ready strengthened by Rs 300 to Rs 38,000 per kg and weekly-based delivery by Rs 170 to Rs 37,475 per kg. Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.