Gold prices snap 2-day losing streak, start rising again, jump to Rs 31,990

Snapping a two-session long losing streak, gold prices advanced Rs 210 to Rs 31,990 per 10 grams at the bullion market today as buying picked up by local jewellers despite a weak trend overseas. Silver also rebounded by Rs 120 to Rs 40,870 per kg on increased offtake by industrial units and coin makers.

Fresh buying by local jewellers to meet seasonal demand at domestic spot market led to the recovery in gold prices but a weak trend overseas capped the gains, reported PTI quoting traders. 

Globally, gold prices fell 0.12 per cent to $1,288.70 an ounce in Singapore. Depreciating rupee against the dollar also fuelled the uptrend in gold.

The rupee weakened by 17 paise to 67.87 against the US dollar at the interbank forex market today on fresh demand for the greenback from importers and banks.

Meanwhile, in New Delhi, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 210 each to Rs 31,990 and Rs 31,840 per 10 grams, respectively. The precious metal had lost Rs 670 in the last two sessions.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.

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Tracking gold, silver ready too rose by Rs 120 to Rs 40,870 per kg. Weekly-based delivery recaptured the Rs 40,000-mark by surging Rs 300 to Rs 40,170 per kg.

Silver coins, however, remained steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.