Reversing a two-day falling streak, gold prices climbed by Rs 150 to Rs 31,950 per 10 grams at the bullion market today on fresh buying by local jewellers even as the metal weakened overseas. Silver, however, succumbed to selling pressure and shed Rs 10 to Rs 41,550 per kg.
Traders attributed the recovery in gold prices to increased buying by local jewellers at domestic spot markets. However, a weak trend overseas, as investors await outcome of the US Federal Reserve policy meeting, limited the rise. Besides, depreciating rupee against the dollar made imports of gold costlier, which supported the uptrend, they said.
Globally, gold fell 0.15 per cent to USD 1,293.20 an ounce and silver declined by 0.21 per cent to USD 16.80 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 150 each to Rs 31,950 and Rs 31,800 per 10 grams, respectively. It had lost Rs 250 in the last two days.
Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams. On the other hand, silver ready slipped by Rs 10 to Rs 41,550 per kg and weekly-based delivery fell Rs 40 to Rs 40,620 per kg. Silver coins, however, remained steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.