Gold gains on sustained jewellers' buying

Gold advanced by Rs 10 to Rs 31,610 per 10 gram at the bullion market Tuesday on sustained buying by local jewellers, even as a weak trend prevailed overseas. Silver prices too firmed up by Rs 20 to Rs 37,700 per kg due to increased offtake by industrial units and coin makers. Marketmen said increased buying by local jewellers to meet festive season demand at the domestic spot market, mainly kept gold prices higher, but a weak global trend capped the rise.

Globally, gold fell 0.38 per cent to USD 1,196.50 an ounce and silver shed 0.53 per cent to USD 14.09 an ounce in Singapore as the dollar rose after the US imposed a new round of tariffs on Chinese imports, aggravating global trade worries. In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 10 each to Rs 31,610 and Rs 31,460 per 10 gram, respectively. The precious metal had gained Rs 180 in yesterday's trade.

Sovereign, however, remained unaltered at Rs 24,500 per piece of 8 gram. In sync with gold, silver ready rose by Rs 20 to Rs 37,700 per kg and weekly-based delivery by Rs 110 to Rs 37,305 per kg. Silver coins, however, continued to trade at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.