Gold prices rule above Rs 31,000 on global cues, jewellers' buying

Gold prices were trading above Rs 31,000 on Monday, recovering by Rs 60 to Rs 31,150 per 10 grams at the bullion market. A firm trend overseas amid pick-up in buying by local jewellers contributed to the recovery. 

Silver prices also edged up by Rs 35 to Rs 39,950 per kg on increased offtake by industrial units and coin makers.

"Sentiment turned better after gold prices recovered from a seven-month low in the global markets today, after sluggish GDP data from China weighed on the Asian stocks and as the dollar traded below its recent highs," said traders to PTI. 

Besides, pick up in buying by local jewellers supported the rebound, they added.

In New Delhi, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 60 each to Rs 31,150 and Rs 31,000 per 10 grams, respectively. It had lost Rs 560 in the previous five days.

Sovereign, however, held steady at Rs 24,700 per piece of eight grams.

WATCH ZEE BUSINESS VIDEO HERE

Globally, gold prices rose 0.15 per cent to $1,242.80 an ounce and silver by 0.16 per cent to $15.81 an ounce in Singapore.

Tracking gold, silver ready edged higher by Rs 35 to Rs 39,950 per kg and weekly-based delivery by Rs 120 to Rs 39,165 per kg.

Silver coins, however, maintained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.