Gold overcomes slow global trend with festive rush, tops Rs 31,000-mark

Gold overcame a sluggish global trend by surging Rs 470 to trade at Rs 31,000 per 10 grams on Monday after local jewellers ramped up buying for the festive rush.

Silver offered a picture of contrast, which went below Rs 42,000 by falling Rs 300 to Rs 41,700 per kg, weighed down by muted demand from industrial units and coin makers.

Increased local buying fulled by the festive season demand drove gold prices, but a weak overseas trend acted as an overhang.

Globally, gold softened 0.77 per cent to USD 1,335.70 an ounce in Singapore as the dollar strengthened against major currencies, with hurricane Irma losing its force and concerns over North Korea easing. This diminished demand for the precious metal as a safe haven.

Silver was also down by 0.64 per cent at USD 17.81 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced Rs 470 each to Rs 31,000 and Rs 30,850 per 10 grams, respectively. The precious metal had lost Rs 820 on Saturday.

Sovereign moved up Rs 100 to Rs 24,700 per piece of eight grams.

On the other hand, silver ready prices declined by Rs 300 to Rs 41,700 per kg and weekly-based delivery by Rs 530 to Rs 41,040 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.