Gold logs modest gains on jewellers' buying, overseas trend

Globally, gold rose 0.15 per cent to $1,338.90 an ounce, sovereign, remained unchanged at Rs 24,300 per piece

Climbing for the second straight day, gold prices advanced by Rs 50 to Rs 31,250 per 10 grams today on increased buying by jewellers at the domestic spot market amid positive global cues.

However, silver retreated Rs 325 to Rs 45,075 per kg because of reduced off-take by industrial units and coin makers.

Traders said that apart from a firming trend overseas, pick-up in buying by jewellers in domestic markets to meet festive season demand kept gold prices elevated.

Globally, gold rose 0.15 per cent to $1,338.90 an ounce in London on Wednesday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 50 each to Rs 31,250 and Rs 31,100 per 10 grams, respectively. It had gained Rs 150 on Tuesday.

Sovereign, however, remained unchanged at Rs 24,300 per piece of eight grams in limited deals.

On the other hand, silver ready dropped Rs 325 to Rs 45,075 per kg and weekly-based delivery Rs 290 to Rs 44,490 per kg.

Silver coins, however, held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.