Gold, silver up on seasonal buying

New Delhi, Feb 24. Gold prices rose by Rs 160 to Rs 31,350 per ten grams in the national capital today on sustained buying for the ongoing wedding season. Silver also gained for the third day by adding Rs 120 to Rs 47,880 per kg on increased offtake by industrial units and coin manufacturers. Traders said sustained buying for the ongoing wedding season mainly influenced gold and silver prices. In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 160 each to Rs 31,350 and Rs 31,150 per ten grams, respectively. It had gained Rs 40 in the previous session. Sovereign, however, held steady at Rs 25,400 per piece of eight grams in limited deals. In line with a general firm trend, silver ready rose by Rs 120 to Rs 47,880 per kg and weekly-based delivery by Rs 20 to Rs 47,480 per kg, after gaining Rs 260 in last two trades. Silver coins also spurted by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces on hectic demand for the ongoing wedding season.