Gold halts slide on jewellers' buying, global cues

New Delhi: Gold prices inched up by Rs 5 to Rs 31,880 per 10 grams at the bullion market on Tuesday, halting its two-day slide on buying by local jewellers amid a firm trend overseas.

Silver also reclaimed the Rs 41,000-mark by surging Rs 340 to Rs 41,100 per kg on the back of increased offtake by industrial units and coin makers. Traders attributed the rise in gold prices to fresh buying by local jewellers at domestic spot markets and a firm trend overseas.

Globally, gold rose by 0.18 per cent to USD 1,294.50 an ounce and silver by 0.39 per cent to USD 16.56 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 5 each to Rs 31,880 and Rs 31,730 per 10 grams, respectively.

The yellow metal had lost Rs 115 in the last two days. Sovereign, however, remained flat at Rs 24,800 per piece of eight grams. Silver ready surged by Rs 340 to Rs 41,100 per kg while weekly-based delivery climbed by Rs 360 to Rs 40,305 per kg. In line with overall trend, silver coins spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.