Gold up on jewellers’ buying, silver touches Rs 41,000 mark

New Delhi: Gold rallied by Rs 80 to Rs 30,780 per ten gram at the bullion market on Tuesday on fresh buying by local jewellers to meet festive season demand even as the metal weakened overseas.

Silver also recaptured the Rs 41,000-mark by surging Rs 520 to Rs 41,270 per kg on increased offtake by industrial units and coin makers.

Traders said fresh buying by local jewellers to meet festive season demand at domestic spot market mainly led to the recovery in gold prices but a weak trend overseas capped the rise.

Globally, gold fell 0.35 per cent to USD 1,305.70 an ounce and silver by 0.41 per cent to USD 17.09 an ounce in Singapore.

The depreciating rupee against the dollar, making the imports costlier, too influenced gold prices, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 80 each to Rs 30,780 and Rs 30,630 per ten gram, respectively.

The precious metal had lost Rs 150 in the previous two sessions. Sovereign however remained flat at Rs 24,700 per piece of eight gram.

On the other hand, silver ready advanced by Rs 520 to Rs 41,270 per kg and weekly-based delivery spurted by Rs 860 to Rs 40,510 per kg. Silver coins however continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.