Gold gains on global cues, silver reclaims Rs 40K

Gold rose by Rs 235 to Rs 31,010 per 10 grams at the bullion market today in tandem with a firming global trend amid increased buying by traders and stockists. Silver also strengthened by Rs 250 to Rs 40,225 per kg, backed by increased offtake by industrial units and coin makers.

Standard gold (99.5 percent purity) rose by Rs 235 to close at Rs 31,010 per 10 grams from Thursday’s closing level of Rs 30,775.

Pure gold (99.9 percent purity) also moved up by a similar margin to conclude at Rs 31,160 per 10 grams from Rs 30,925.

Silver (.999 fineness) shot-up by Rs 250 to end at Rs 40,225 per kg as against Rs 39,975, yesterday.

Globally, gold strengthened as a rise in risk aversion ahead of G7 talks this weekend lent support, but the metal remained hemmed within its narrowest weekly range in more than a decade as a recovery in the dollar kept a lid on gains.

Spot gold was up by 0.2 percent at USD 1,299.04 an ounce at early trade, while the US gold futures for August delivery were flat at USD 1,303.00 an ounce.

Silver was up 0.1 percent at USD 16.71 an ounce.