Gold jumps on seasonal buying, weak rupee

New Delhi, Nov 12. Gold prices surged by Rs 915 to Rs 31,815 per ten gram in the national capital today on renewed demand from stockists and retailers backed by wedding seasonal offtake. However, silver declined by Rs 160 to Rs 48,850 per kg on reduced offtake by industrial units and coin makers. Traders said gold prices surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier. The rupee fell to 63.52 per dollar, its lowest level in more than two months in intra-day trade today. Shifting of funds from weakening equity to rising gold also influenced the yellow metal, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 915 each to Rs 31,815 and Rs 31,615 per ten gram, respectively. It had lost Rs 500 in last two trade. Sovereign followed suit and rose by Rs 200 to Rs 25,200 per piece of eight gram. On the other hand, silver ready met with resistance and declined by Rs 160 to Rs 48,850 and weekly-based delivery by Rs 260 to Rs 48,050 per kg. The white metal had gained Rs 110 yesterday. Silver coins also tumbled by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.