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Gold climbs Rs 170 on global cues, wedding demand

Gold advanced by Rs 170 to Rs 31,820 per ten gram at the bullion market today largely in sync with the overseas trend amid increased buying by local jewellers.

However, silver met with resistance at higher levels and slipped by Rs 580 to Rs 39,380 per kg.

Traders said sentiment remained firm on the back of a higher trend overseas as the dollar weakened, raising demand for gold as a safe haven.

Globally, gold rose 0.40 per cent to USD 1358.70 an ounce and silver by 0.36 per cent to USD 16.88 an ounce in Singapore.

Besides, pick-up in buying by local jewellers to meet the ongoing wedding season demand at domestic spot market supported the uptrend in gold.

In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 170 each to Rs 31,820 and Rs 31,670 per ten gram, respectively. Sovereign however held flat at Rs 24,800 per piece of eight gram.

On the other hand, silver ready fell by Rs 580 to Rs 39,380 per kg and weekly-based delivery by Rs 30 to Rs 38,640 per kg.

Silver coins remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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