Gold soared by Rs 100 to trade at Rs 31,050 per ten gram at the bullion market today on continued buying by jewellers to meet wedding season demand. Silver too advanced by Rs 100 to Rs 40,300 per kg due to increased offtake by industrial units and coin makers. Marketmen attributed the rise in gold prices to steady buying by local jewellers, driven by ongoing wedding season amid higher Asian cues.
Globally, gold rose 0.08 per cent to USD 1,340.70 an ounce and silver by 0.03 per cent to USD 17.34 an ounce in Singapore.
Besides, a depreciated rupee against the dollar made imports of the metal costlier, thus fuelling the uptrend, they said.
In the national capital, gold of 99.9 and 99.5 per cent purity added Rs 100 each to Rs 31,050 and Rs 30,900 per ten gram respectively. The precious metal had gained Rs 475 in the previous four sessions. Sovereign also edged up by Rs 50 to Rs 24,800 per piece of eight gram.
In line with gold, silver ready rose further by Rs 100 to Rs 40,300 per kg and weekly-based delivery by Rs 85 to Rs 39,665 per kg. Silver coins too spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.