Gold gains on jewellers' buying, global cues

New Delhi: Gold today surged by Rs 150 to Rs 31,500 per ten gram on more buying by local jewellers during ongoing 'Navratri' and positive global cues.

Silver too gained Rs 500 to Rs 39,500 per kg backed by increased offtake by industrial units and coin makers.

Traders said sentiment bolstered on the back of a firm trend overseas where gold went up on weaker dollar after the US Federal Reserve increased interest rates and forecast at least two more hikes for 2018.

Globally, gold rose 1.60 per cent to USD 1,331.80 an ounce and silver by 2.35 per cent to USD 16.55 an ounce in New York in yesterday's trade.

Also, increased buying by local jewellers to meet demands during 'Navratri' at domestic spot market supported the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 150 each to Rs 31,500 and Rs 31,350 per ten gram, respectively. The metal had shed Rs 40 yesterday.

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

In step with gold, silver ready jumped by Rs 500 to Rs 39,500 per kg and weekly-based delivery by Rs 540 to Rs 38,775 per kg.

Silver coins too spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.