Gold price stays up on global cues, jewellers' buying

New Delhi: Taking positive cues from global markets and buying by jewellers at the domestic front, gold prices rose for the third straight day by adding Rs 25 to Rs 31,175 per 10 grams at the bullion market Tuesday.

Silver also advanced by Rs 300 to Rs 45,800 per kg, backed by increased offtake by industrial units and coin makers.

Marketmen said a firming trend overseas where gold rose for a second day amid speculation that Federal Reserve policy makers will again stay their hand on an interest rate increase, raising demand for the precious metals, mainly buoyed the sentiment here.

Globally, gold climbed 0.24 percent to USD 1,316 an ounce in Singapore today.

Besides, increased buying by jewellers at domestic spot markets supported the upside.

In the national capital, gold of 99.9 percent and 99.5 percent purity edged up by Rs 25 each to Rs 31,175 and Rs 31,025 per 10 grams respectively. It had gained Rs 150 in the previous two trading sessions.

Sovereign, however, remained steady at Rs 24,400 per piece of eight grams in scattered deals.

Tracking gold, silver ready strengthened by Rs 300 to Rs 45,800 per kg while weekly-based delivery recaptured the Rs 46,000-mark by rising Rs 320 to Rs 46,150 per kg.

Silver coins too spurted by Rs 1,000 to Rs 76,000 for buying and selling of 100 pieces each.