Gold surges on firm global cues, jewellers` buying

New Delhi: Gold firmed up by Rs 160 to Rs 31,400 per ten gram on Wednesday, tracking a firm trend overseas amid sustained wedding season buying by local jewellers.

Silver also gained Rs 150 to Rs 40,200 per kg, backed by increased offtake by industrial units and coin makers.

Marketmen said apart from a firm trend overseas, persistent buying by local jewellers for wedding season kept gold prices higher.

Globally, gold rose 0.37 per cent to USD 1,343 an ounce and silver by 0.58 per cent to USD 17.19 an ounce in Singapore.

Weakness in equity market also supported the uptrend, they added.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 160 each to Rs 31,400 and Rs 31,250 per ten gram, respectively. The yellow metal had gained Rs 120 yesterday.

Sovereign however remained unaltered at Rs 24,800 per piece of eight gram.

Silver ready also rebounded by Rs 150 to Rs 40,200 per kg and weekly-based delivery by Rs 235 to Rs 39,310 per kg.

Silver coins however held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.