Gold falls by Rs 70 to Rs 31,750 per 10 grams on global cues, muted demand

Riding on positive global cues and wedding season buying by local jewellers, gold regained its glitter to end higher at Rs 31,750 per 10 grams at the bullion market during the week.

Silver also surged on increased offtake by industrial units and coin makers.

Bullion traders said apart from a firm trend overseas, as the weakness in the dollar raised demand for precious metals as a safe haven, increased buying by local jewellers to meet the ongoing wedding season demand at the domestic spot market led to the rise in gold prices here.

Globally, gold ended higher at $1,346.50 an ounce and silver at $16.62 an ounce in New York.

In the national capital, gold of 99.9 and 99.5 per cent

purity commenced the week higher. It rallied to Rs 31,820 and Rs 31,670 before ending at Rs 31,750 and Rs 31,600 per 10 grams respectively, showing a rise of Rs 550 each.

Sovereign, however, moved in a narrow range in scattered deals throughout the week and settled at previous level of Rs 24,800 per piece of eight grams.

Silver ready also ended the week higher by Rs 700 to Rs 39,750 per kg, while weekly-based delivery closed higher by Rs 715 to Rs 38,665 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.