Gold prices rose Rs 180 to Rs 31,600 per 10 gram at the bullion market today, largely driven by a firm trend overseas amid increased buying by local jewellers. Silver followed suit and shot up by Rs 180 to Rs 37,680 per kg due to increased offtake by industrial units and coin makers.

Traders said the domestic sentiment was buoyed as gold inched up in global markets due to bargain-hunting after prices dipped in the previous session, amid reports that the US is set to impose a new round of tariffs on Chinese imports.

Globally, gold rose 0.19 per cent to $1,195.40 an ounce and silver by 0.39 per cent to $14.08 an ounce in Singapore.

Besides, a depreciating rupee which again breached the the 72-mark against the dollar, making imports costlier, and increased buying by local jewellers at the domestic spot market, aided the uptrend, traders said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 180 each to Rs 31,600 and Rs 31,450 per 10 gram, respectively. It had gained Rs 20 on Saturday’s trade. Sovereign gold, however, remained flat at Rs 24,500 per piece of eight gram.

Following gold, silver ready rose Rs 180 to Rs 37,680 per kg and weekly-based delivery by Rs 200 to Rs 37,195 per kg. Silver coins, however, were unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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