Gold tops Rs 31,000 on global cues, wedding demand

Gold regained the Rs 31,000-mark per 10 gram by rising Rs 50 at the bullion market today, riding on firm global trends and continued buying by domestic jewellers to meet the wedding season demand.
However, silver met with resistance at prevailing levels and weakened by Rs 40 at Rs 44,060 per kg.
Bullion traders said sentiment remained firm after gold rose for a sixth day today to trade above USD 1,300 an ounce in global markets on haven demand as equities fell for the sixth time in seven days, amid the US Federal Reserve's decision of leaving the interest rates unchanged.

Globally, gold rose 0.39 per cent to USD 1,301.50 an ounce in Singapore. Yesterday, prices rallied to a four-week high of USD 1,308.02.
Furthermore, persistent wedding season buying by jewellers at domestic fuelled the uptrend.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by another Rs 50 each to Rs 31,000 and Rs 30,850 per 10 grams, respectively. The precious metal had gained Rs 300 in last two days.

Sovereign also went up by Rs 200 to Rs 24,600 per piece of eight grams.
On the other hand, silver ready declined by Rs 40 to Rs 44,060 per kg and weekly-based delivery by Rs 105 to Rs 43,620 per kg.

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