Gold gains Rs 340 to Rs 34,45 per 10 gm on local demand

Gold prices Monday rose by Rs 340 to Rs 34,450 per 10 grams at the bullion market here due to increased demand from local jewellers, according to All India Sarafa Association.

Silver, however, declined by Rs 130 to Rs 41,530 per kg due to subdued offtake by industrial units and coin makers.

Traders said, increased demand from jewellers pushed the prices of yellow metal. However, weak global cues capped the gain in the prices of precious metal, they added.

Globally, gold traded lower at 1,312.20 an ounce and silver stood at USD 15.83 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities advanced by Rs 340 each to Rs 34,450 and Rs 34,300 per 10 gram, respectively.

Sovereign gold, too gained Rs 100 to Rs 26,100 per eight gram.

Silver ready declined by Rs 130 to Rs 41,530 per kg and weekly-based delivery saw a fall of Rs 139 to Rs 40,437 per kg.

On the other side, silver coins traded at the previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces, respectively.