Gold maintains upward trend on global cues, jeweller-buying

Gold prices edged up by Rs 10 to Rs 31,350 per 10 grams at the bullion market Saturday, extending its rising streak for the third straight day, tracking a firm trend overseas amid continued buying by local jewellers.

Silver also hardened by Rs 50 to Rs 38,350 per kg backed on increased offtake by industrial units.

Traders said apart from a firm trend overseas, steady inflow of buying by local jewellers to meet the ongoing festive season demand at the domestic spot market kept gold prices higher.

Globally, gold rose 0.10 per cent to USD 1,200.80 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 10 each to Rs 31,350 and Rs 31,200 per 10 grams, respectively. The metal had gained Rs 260 in last two days.

Sovereign gold, however, remained flat at Rs 24,500 per piece of eight grams.

Silver ready rose by 50 to Rs 38,350 per kg and weekly-based delivery by Rs 160 to Rs 37,115 per kg.

But, silver coins remained flat at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.