Gold up Rs 50 on steady wedding buying, global cues

Continuing its rising streak for the fourth straight day, gold prices advanced by Rs 50 to Rs 31,050 per 10 gram at the bullion market today on sustained buying by jewellers in the ongoing wedding season amid a firming trend overseas.
Silver, however, remained under selling pressure and went below the Rs Rs 44,000-mark by falling Rs 360, to Rs 43,700 per kg on reduced offtake by industrial units and coin makers.
Bullion traders said sentiment remained firm on persistent buying by jewellers to meet rising wedding season demand at domestic spot market.
Additionally, a firm trend in the global market prompted more consumers to buy.

Globally, gold rose 0.44 per cent to USD 1,302.20 an ounce in New York in yesterday's trade.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 50 each to Rs 31,050 and Rs 30,900 per 10 grams, respectively. It had gained Rs 350 in the previous three sessions.

Sovereign, however, held steady at Rs 24,600 per piece of eight grams.
On the other hand, silver ready fell further by Rs 360 to Rs 43,700 per kg and weekly-based delivery by Rs 495 to Rs 43,125 per kg.
Silver coins were unalatered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.