Gold rises on global cues, silver tops Rs 41,000-mark

Rising for the second straight day, gold prices advanced by Rs 10 to Rs 31,870 per 10 grams at the bullion market today on persistent buying by local jewellers amid a firm trend overseas.

Silver, too, reclaimed the Rs 41,000-mark by surging Rs 250 per kg backed by increased offtake by industrial units and coin makers.

Traders said apart from a firm trend overseas where gold prices edged higher today, supported by a weaker dollar amid ongoing concerns about a trade war between the US and its allies, and sustained buying by local jewellers at domestic spot market, kept the precious metal's prices higher.

Globally, gold rose 0.16 per cent to USD 1,298 an ounce and silver 0.21 per cent to USD 16.68 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity added Rs 10 each to Rs 31,870 and Rs 31,720 per 10 grams, respectively. The yellow metal had gained Rs 260 in yesterday's trade.

Sovereign gold, however, remained flat at Rs 24,800 per piece of eight grams in scattered deals.

In step with gold, silver ready shot up by Rs 250 to Rs 41,000 per kg and weekly-based delivery by Rs 235 to Rs 40,085 per kg.

Silver coins, however, continued to be traded at previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.