Gold edges up on global cues, jewellers' buying
Gold is trading at Rs 31,270 per 10 gm backed by a firm trend overseas and fresh buying by local jewellers.
New Delhi: Gold prices edged higher by Rs 20 to Rs 31,270 per 10 grams at the bullion market on Monday, backed by a firm trend overseas and fresh buying by local jewellers.
However, silver dropped further by Rs 300 to Rs 39,500 per kg due to reduced offtake by industrial units and coin makers.
Traders said besides a firm trend overseas, pick-up in buying by local jewellers to meet wedding season demand at the domestic market, pushed up gold prices.
Globally, gold rose 0.02 per cent to USD 1,332.10 an ounce and silver by 0.78 per cent to USD 16.70 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 20 each to Rs 31,270 and Rs 31,120 per 10 grams, respectively.
Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.
On the other hand, silver ready fell further by Rs 300 to Rs 39,500 per kg and weekly-based delivery by Rs 155 to Rs 38,450 per kg.
Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.