Gold rises on jewellers' buying, firm global trend

New Delhi: Gold rallied by Rs 200 to Rs 31,400 per 10 gram at the bullion market Wednesday on pick-up in buying by local jewellers amid a firm global trend.

However, silver lost Rs 250 to Rs 37,600 per kg due to reduced offtake by industrial units and coin makers. Marketmen said gold rose on increased buying by local jewellers to meet the festive season demand.

Besides, a firm global trend where the dollar eased despite concerns of an escalation in the trade conflict between the US and China, aided the uptrend.

Moreover, a depreciating rupee, which crashed to a record low of 71.79 against the dollar, making imports costlier, led to the rise in gold prices.

Globally, gold rose 0.22 per cent to USD 1,193.70 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 200 each to Rs 31,400 and Rs 31,250 per 10 gram, respectively.

It had lost Rs 150 in the previous two days. Sovereign however held steady at Rs 24,500 per piece of eight gram.

On the other hand, silver ready fell by Rs 250 to Rs 37,600 per kg and weekly-based delivery by Rs 465 to Rs 36,305 per kg.

Silver coins were however steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.