Gold, silver advance on global cues

Gold prices gained further by Rs 165 to Rs 31,295 per ten grams at the bullion market here today on sustained buying by stockists and retailers amidst bullish global cues.

Silver also extended its gain, rising Rs 380 to Rs 39,815 per kg on good buying by industrial units.

Sentiment remained upbeat largely on the back of a bullish trend overseas and pick-up in buying by jewellers to meet the ongoing wedding seasonal demand, traders said.

The rupee weakening against the dollar, making imports of precious metals costlier, too gave a push to gold prices, they further added.

Standard gold (99.5 per cent purity) rose by Rs 165 to finish at Rs 31,295 per 10 grams from Wednesday's closing level of Rs 31,130.

Pure gold (99.9 per cent purity) also moved up by a similar amount to close at Rs 31,445 per 10 grams against Rs 31,280 earlier.

Silver (.999 fineness) jumped by Rs 380 to conclude at Rs 39,815 per kg compared to Rs 39,435 previously.

Globally, gold edged higher in early trade as the dollar paused for breath, holding near its 2018 peak, with investors focused on the US inflation data due later and simmering tensions between the United States and Iran.

Spot gold rose to USD 1,315.28 an ounce in early European trade.

In other precious metals, silver gained to USD 16.59 an ounce after hitting a two-week high at USD 16.62 in the previous session.