Gold prices up by Rs 110 on global cues

Silver also strengthened by Rs 200 to Rs 57,700 per kg on increased offtake by industrial units and coin makers.

Marketmen said, besides emergence of buying by stockists and retailers at existing lower levels, firm global trend fuelled the trading sentiment.

Increased offtake by industrial units helped silver to strengthen, they said.

Gold in New York, which normally sets price trend on the domestic front, rose by USD 3.50 to USD 1662.90 an ounce and silver by 0.33 per cent to USD 30.14 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 110 each to Rs 31,010 and Rs 30,810 per ten grams respectively. It had lost Rs 320 in last two days.

Sovereign rose by Rs 50 to Rs 25,450 per piece of eight gram.

In line with a general firm trend, silver ready gained Rs 200 to Rs 57,700 per kg and week-based delivery by Rs 485 to Rs 58,040 per kg.

On the other hand, silver coins maintained last level of Rs 79,000 for buying and Rs 80,000 for selling of 100 prices in restricted buying activity.