Gold extends gain on rising demand

Gold prices maintained their rising trend on the domestic bullion market here today due to consistent buying support from jewellers and retail consumers even as the metal weakened overseas.

Silver remained in demand and advanced by Rs 125 to Rs 40,300 per kg from industrial units.

Standard gold (99.5 per cent purity) rose by Rs 190 to end at Rs 31,290 per ten grams against Tuesday's closing level of Rs 31,100.

Pure gold (99.9 per cent purity) also added a similar margin to settle at Rs 31,440 per ten grams from Rs 31,250 earlier.

Silver (.999 fineness) surged by Rs 125 to finish at Rs 40,300 per kg against Rs 40,175 yesterday.

Globally, gold prices slipped, pressured by a firm dollar ahead of the release of minutes from the Federal Reserves last policy meeting.

Spot gold was trading 0.1 per cent lower at USD 1,289.71 per ounce at early trade.

In other precious metals, silver was little changed at USD 16.52 an ounce.