Gold price rises to Rs 31,240 on spot demand

Mumbai-India (Jan 30)  Gold gained Rs 120 to Rs 31,240 per 10 grams at the bullion market today, snapping a two-day losing streak, on fresh buying by local jewellers to meet the ongoing wedding season demand.

Silver however remained under selling pressure and eased further by Rs 400 to Rs 40,050 per kg.

Traders said pick-up in buying by local jewellers to meet the wedding season demand at the domestic spot market, mainly led to the recovery in gold prices but a weak trend overseas capped the gains.

In Singapore, gold fell 0.34 per cent to $1,335.40 an ounce and silver by 0.35 per cent to $17.06 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 120 each to Rs 31,240 and Rs 31,090 per 10 grams, respectively. It had lost Rs 330 in the previous two sessions.

Sovereign, however, continued to be traded at the previous level of Rs 24,800 per piece of eight grams.

On the other hand, silver ready dropped further by Rs 400 to Rs 40,050 per kg and weekly-based delivery by Rs 805 to Rs 39,075 per kg. Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

BusinessLine