Gold edges up by Rs 25 to Rs 31,175 per 10 gms; silver extends fall

New Delhi: Gold prices inched up by Rs 25 to Rs 31,175 per ten grams at the bullion market on Monday on mild buying by jewellers at domestic spot market even as the metal weakened overseas.

Silver, however, fell further by Rs 500 to Rs 45,300 per kg on reduced offtake by industrial units.

Traders said scattered buying by jewellers at domestic spot market led to rise in gold prices but weak trend overseas capped the gain.

Globally, gold fell 0.08 percent to USD 1,326.70 an ounce and silver by 0.47 percent to USD 18.94 an ounce in London in early trade today.

In the national capital, gold of 99.9 and 99.5 percent purity rose by Rs 25 each to Rs 31,175 and Rs 31,025 per ten grams respectively.

Sovereign, however, held steady at Rs 24,400 per piece of eight grams.

On the other hand, silver ready remained under selling pressure and dropped further by Rs 500 to Rs 45,300 per kg and weekly-based delivery cracked below the Rs 46,000-mark by plunging Rs 855 to Rs 45,340 per kg.

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