Gold price rises for 2nd day, surges by Rs 220 to Rs 31,250 per 10 grams

New Delhi: Taking comfort from firm global developments and increased buying by jewellers at the domestic market, gold rose for the second straight day by surging Rs 220 to Rs 31,250 per 10 grams Wednesday.

Silver bounced by Rs 470 to Rs 47,820 per kg backed by increased demand from coin makers and other consuming industries.

Marketmen said that besides a firming trend overseas, more buying activity by jewellers to meet retailer demand at domestic spot markets mainly kept the precious metals higher.

Globally, gold rose 0.11 percent to USD 1,364.30 an ounce and silver by 0.07 percent to USD 20.58 an ounce in Singapore today.

In the national capital, gold of 99.9 percent and 99.5 percent purity surged Rs 220 each to Rs 31,250 and Rs 31,100 per 10 grams respectively. It had gained Rs 50 yesterday.

Sovereign followed suit and jumped Rs 100 to Rs 24,300 per piece of eight grams.

Tracking gold, silver ready recovered Rs 470 to Rs 47,820 per kg while weekly-based delivery recaptured the crucial 48,000-mark by rising Rs 655 to Rs 48,400 per kg.

Silver coins, too, spurted by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.