Gold sparkles as jewellers’ buying picked up

Gold prices on Saturday firmed up by Rs.120 to Rs.31,470 per 10 grams at the bullion market amid firm global cues and increased buying by local jewellers.

Silver prices also rose Rs.150 to Rs.39,200 per kg owing to higher offtake by industrial units and coin makers.

In the domestic markets, apart from firm trend overseas as the dollar weakened against other currencies, raising appeal for the precious metal as a safe haven and increased buying by local jewellers mainly led to a rise in gold prices, according to market sources.

In the global markets, gold rose 0.54 per cent to $1,333.40 an ounce in New York in Friday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity regained by Rs.120 each to Rs.31,470 and Rs.31,320 per 10 grams, respectively. The precious metal had lost Rs.200 on Friday.

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

Silver ready also rose by Rs.150 to Rs.39,200 per kg and weekly-based delivery by Rs.15 to Rs,38,235 per kg.

Silver coins, however, continued to be enquired at last levels of Rs.74,000 for buying and Rs.75,000 for selling of 100 pieces.