Gold shrugs off weak global cues, rises by Rs 50 on jewellers' buying

Gold prices advanced by Rs 50 to Rs 31,100 per 10 grams at the bullion market today on sustained buying by local jewellers shrugging off weak global cues.

However, silver met with resistance at prevailing levels and slipped by Rs 230 to Rs 40,070 per kg.

Traders said continued buying by local jewellers, driven by ongoing wedding season, mainly kept gold prices higher but a weak trend overseas limited the gains.

Globally, gold fell 0.34 per cent to $1,333.50 an ounce and silver by 0.35 per cent to $17.12 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity further added Rs 50 each to Rs 31,100 and Rs 30,950 per 10 grams, respectively. The precious metal had gained Rs 575 in the previous five sessions.

Sovereign, however, held steady at Rs 24,800 per piece of eight grams.

On the other hand, silver ready further went down by Rs 230 to Rs 40,070 per kg and weekly-based delivery by Rs 340 to Rs 39,325 per kg.

Silver coins also plunged by Rs 1,000 each to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.