Gold remains up on sustained buying, global cues

New Delhi, Nov 7. Gold rose by Rs 190 to Rs 31,350 per ten grams in the national capital today as stockists and retailers remained net buyers of the precious metal for the marriage season amid a firming global trend. Silver also surged by Rs 455 to Rs 49,315 per kg on increased offtake by jewellery fabricators and industrial units. Firming global trend where gold posted the biggest gain in almost two weeks as a weakening dollar before the US jobs data further fuelled the buying, they said. Gold in New York, which normally sets price trend on the domestic front, rose by USD 5.70 to USD 1,317.60 an ounce and silver by 0.44 per cent to USD 21.81 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 190 each to Rs 31,350 and Rs 31,150 per ten grams. It had gained Rs 60 yesterday. Sovereign, however, held steady at Rs 25,200 per piece of eight grams in limited deals. In a similar fashion, silver ready rose further by Rs 455 to Rs 49,315 per kg and weekly-based delivery by Rs 495 to Rs 48,755 per kg. The white metal had gained Rs 360 in the previous session. Silver coins also spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces on hectic buying.