Gold perks up as global cues stay positive, buying helps

After Friday's slide, gold regained its form to trade higher by Rs 80 at Rs 31,600 per 10 grams on Saturday, taking positive cues from the global market amid buying by jewellers in the domestic spot market.

However, silver fell Rs 300 to Rs 46,500 per kg on reduced off-take by industrial units and coin makers.

Bullion traders said a firm trend overseas after the US Fed kept interest rates unchanged boosted demand for the precious metal. Fresh purchases by jewellers at the domestic spot market also led to the recovery in gold prices.

Globally, gold rose 0.03 per cent to $1,337.10 an ounce in New York in Friday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 80 each to Rs 31,600 and Rs 31,450 per 10 grams, respectively. The metal had shed Rs 30 yesterday.

Sovereign, however, was unchanged at Rs 24,500 per piece of eight grams in limited deals.

On the other hand, silver ready dropped by Rs 300 to Rs 46,500 per kg and weekly-based delivery by Rs 370 to Rs 46,815 per kg. Its coins, however, continued to be traded at previous levels of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.