Gold surges Rs 210 on positive global trend

Gold prices rose by Rs 210 to Rs 31,570 per 10 grams at the bullion market on Wednesday.

The surge in gold prices was largely driven by a positive trend overseas and increased buying by local jewellers.

Silver, however, remained under selling pressure and slipped below the Rs 40,000-mark by plunging Rs 390 to Rs 39,910 per kg.

Market sentiment bolstered after gold prices rose to a one-week high in global markets, rebounding from a seven-month low touched in the previous session, as a softer US dollar stoked demand for gold, traders said.

In the global market, gold rose 0.32 per cent to $1,256.30 an ounce in Singapore. Besides, increased buying by local jewellers to meet retailers demand at domestic spot market, supported the uptrend, the traders said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 210 each to Rs 31,570 and Rs 31,420 per ten grams, respectively. It had lost Rs 290 in the previous four days.

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

Silver ready, however, dropped further by Rs 390 to Rs 39,910 per kg, while weekly-based delivery firmed up by Rs 315 to Rs 39,260 per kg on speculative buying. But silver coins remained steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

(With PTI inputs)