Gold price rises to Rs 31,150 on festive demand, positive global cues

New Delhi-India (Aug 28)  Gold rose Rs 150 to Rs 31,150 per ten gram at the bullion market on steady buying by local jewellers due to festive season demand and positive global cues. Silver too gained Rs 170 to Rs 38,470 per kg due to increased offtake by industrial units and coin makers.

Traders said domestic sentiment remained strong on the back of continuous buying by local jewellers to meet the festive season demand. Moreover, positive global cues, as dollar eased against other currencies overseas, raising the appeal for precious metals as a safe haven asset, supported the uptrend.

Globally, gold was up 0.02 per cent at $1,211 an ounce and silver by 0.07 per cent at $14.87 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 150 each to Rs 31,150 and Rs 31,000 per ten gram, respectively. The metal has gained Rs 380 in the last three days. Sovereign gold, too, traded higher by Rs 100 at Rs 24,600 per piece of eight gram.

In sync with the overall trend, silver ready hardened by Rs 170 to Rs 38,470 per kg and weekly delivery by Rs 125 to Rs 37,275 per kg. Silver coins too spurted Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

BusinessLine