Gold prices rise as jewellers shrug off weak global trend

New Delhi: Gold prices bounced back by Rs 175 at Rs 31,625 per 10 gram at the bullion market Wednesday on buying by local jewellers, shrugging-off a weak trend overseas.

However, silver slipped by Rs 40 to Rs 37,910 per kg owing to reduced offtake by industrial units and coin makers.

Traders said increased buying by local jewellers led to the recovery in gold prices, but a weak trend overseas with investors staying away from bullion on fears the US-China trade war could escalate, capped the gain.

Globally, gold fell 0.21 percent to USD 1,195.60 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity surged by Rs 175 each to Rs 31,625 and Rs 31,475 per 10 gram, respectively. The precious metal had lost Rs 100 yesterday.

Sovereign gold, however, remained unaltered at Rs 24,500 per piece of eight gram.

On the other hand, silver ready declined by Rs 40 to Rs 37,910 per kg, while weekly-based delivery held steady at Rs 37,405 per kg.

Silver coins too remained unchanged at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.