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Reversing a two-day slide, gold prices climbed Rs 210 to Rs 31,990 per 10 grams at the bullion market on fresh buying 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.
Traders said fresh buying by local jewellers to meet the seasonal demand at the domestic spot market led to the recovery in gold prices but a a weak trend overseas capped the gains. Weak rupee also fuelled the uptrend in gold.
Globally, gold fell 0.12 per cent to $1,288.70 an ounce in Singapore.
In the national capital, 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.
Tracking gold, silver ready too rose 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.
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