Gold prices surged by Rs 210 to Rs 31,570 per ten grams at the bullion market on firm global trend and increased buying by local jewellers. However, silver remained under selling pressure and slipped below the Rs 40,000-mark by plunging Rs 390 to Rs 39,910 per kg.
Traders said the domestic sentiment was 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 the yellow metal. Besides, increased buying by local jewellers to meet retailers demand at the domestic spot market, supported the uptrend.
Globally, gold rose 0.32 per cent to $1,256.30 an ounce in Singapore. 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.
On the other hand, silver ready dropped further by Rs 390 to Rs 39,910 per kg, while weekly-based delivery recovered by Rs 315 to Rs 39,260 per kg on speculative buying. Silver coins, however, maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.