Gold hits new high at Rs 31,850 on firm global cues

The precious metal, which has been on an upward swing since last two weeks, shot up by Rs 240 to Rs 31,850 per 10 grams in the national capital region, surpassing previous record of Rs 31,725 set on September 1.

Silver followed suit and gained Rs 1,200 to Rs 60,200 per kg.

The trading sentiment bolstered after gold gained to the highest level in more than five months in overseas markets as global data strengthened the case for more central bank measures to boost growth, increasing demand for the metal.

In Singapore, gold rose by 0.3 per cent to USD 1,697.20 an ounce, a record level since March 13 this year.

On the domestic front, gold of 99.9 and 99.5 per cent purity climbed by Rs 240 each to Rs 31,850 and Rs 31,650 per 10 grams, respectively. Sovereigns held steady at Rs 24,950 per piece of eight grams.

Similarly, silver ready recorded a handsome gains of Rs 1200 to Rs 60,200 per kg and weekly-based delivery by Rs 980 to Rs 61,780 per kg. Silver coins jumped up by Rs 1000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.