Gold climbs Rs 310 on jewellers' buying, global cues

Gold regained its glitter with prices surging by Rs 310 to Rs 34,310 per 10 gram at the bullion market here Friday on increased buying by jewellers coupled with a firming trend overseas, according to the All India Sarafa Association.

Silver also rose Rs 170 to Rs 40,820 per kg, supported by increased offtake by industrial units.

Bullion traders said sentiment in the domestic market turned upbeat on the back of increased buying by jewellers and retailers and a firming trend in global markets.

Globally, gold was trading higher by 0.14 per cent at USD 1,315.20 an ounce as weak US retail data raised fresh concerns about a global slowdown while silver shed 0.10 per cent, to USD 15.67 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities rebounded by Rs 310 each to Rs 34,310 and Rs 34,160 per 10 gram, respectively. The yellow metal had lost Rs 280 in the previous four days.

Sovereign gold, on the other hand, continued to rule flat at Rs 26,000 per piece of 8 gram.

In sync with gold, silver ready recovered by Rs 170 to Rs 40,820 per kg and weekly-based delivery by Rs 94 to Rs 39,584 per kg.

Silver coins, however, continued to be at previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.