Gold sparkles on festive demand, rises by Rs 200 to Rs 31,850 per 10 grams on increased buying by jewellers, retailers

New Delhi: Gold prices spurted by Rs 200 to Rs 31,850 per 10 grams on increased buying by jewellers and retailers at the bullion market on Wednesday following the beginning of an auspicious week of ‘Navratri’. A weak trend overseas, however, capped the gains. Silver remained weak and traded RS 50 lower at Rs 39,200 per kg due to slackened demand from industrial units and coin makers. [caption id=“attachment_4296203” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Bullion traders said increased buying by local jewellers as well as retailers, driven by the beginning of festive demand in domestic spot markets led to the rise in gold prices. Globally, gold fell by 0.10 percent to $1,188.90 an ounce and silver by 0.03 percent to $14.45 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 percent purity surged by Rs 200 each to Rs 31,850 and Rs 31,700 per 10 grams, respectively. It had lost Rs 250 in the previous two days. Sovereign gold, however, remained steady at Rs 24,600 per piece of eight grams on little doing. On the other hand, silver ready fell by Rs 50 to trade at Rs 39,200 per kg, while weekly-based delivery declined Rs 85 to Rs 38,650 per kg. Silver coins continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.