Gold prices spurt as jewellers increase buying; silver falters

New Delhi: Gold soared by Rs 50 to Rs 31,250 per ten grams at the bullion market Tuesday on increased buying by jewellers at domestic spot market, even as the metal weakened overseas.

Silver, however, dropped further by Rs 450 to Rs 45,000 per kg due to reduced offtake by industrial units and coin makers.

Traders said increased buying by jewellers at domestic spot market to meet retailers' demand led to rise in gold prices but a weak trend overseas capped the gain.



Globally, gold shed 0.4 per cent to $1,306.93 an ounce in Singapore as a strengthening dollar reduced demand for the precious metal as a safe-haven.

In the national capital, gold of 99.9 and 99.5 per cent purity inched up by Rs 50 each to Rs 31,250 and Rs 31,100 per ten grams, respectively. Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.

On the other hand, silver ready remained under selling pressure and lost another Rs 450 to Rs 45,000 per kg and weekly-based delivery by Rs 565 to Rs 45,035 per kg.

Silver coins, however, remained unchanged at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.