Gold crosses Rs 31 K, up Rs 125 on global cues

Gold rebounded by spurting Rs 125 to trade at Rs 31,070 per 10 grams at the bullion market here today due to pick-up in buying by stockists and jewellers amid bullish global cues.

Silver too attracted increased buying support from industrial units and surged Rs 365 per kg.

Standard gold (99.5 per cent purity) hardened by Rs 125 to finish at Rs 31,070 per 10 grams from overnight closing level of Rs 30,945.

Pure gold (99.9 per cent purity) also rose by a similar margin to end at Rs 31,220 per 10 grams compared to Rs 31,095, yesterday.

Silver (.999 fineness) spurted by Rs 365 to conclude at Rs 39,835 per kg against Wednesday's level of Rs 39,470.

Globally, gold prices edged up as a dollar rally came off the boil, though upside momentum in the precious metal was seen as a safe haven asset and capped by smoothening political tensions in Italy.

Spot gold was trading up 0.3 per cent to USD 1,304.31 per ounce at early trade.

Spot silver rose 0.1 per cent to USD 16.53 an ounce.