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Gold rises on jewellers’ buying, silver falls

Gold gained Rs 50 to close at Rs 31,650 per ten gram at the bullion market today on persistent buying by local jewelers despite a weak trend overseas.

Silver, however, fell by Rs 100 to Rs 40,900 per kg on reduced offtake by industrial units and coin makers.

Traders said continued buying by local jewelers to meet increased demand for jewelry at domestic spot markets mainly kept gold prices higher, but a weak trend overseas capped the rise.

Globally, gold fell 0.20 per cent to USD 1,266.30 an ounce and silver slipped 0.55 per cent to USD 16.33 an ounce in Singapore on a strong US dollar amid prospects of higher interest rates.

A depreciating rupee against the dollar making imports of gold costlier also supported the uptrend, they added.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 31,650 and Rs 31,500 per ten gram, respectively. It had gained Rs 30 in the previous two days.

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

On the other hand, silver ready fell by Rs 100 to Rs 40,900 per kg and weekly-based delivery by Rs 115 to Rs 39,680 per kg.

Silver coins, however, continued to trade at last level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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