Gold prices spurted by ₹200 to ₹31,850 per 10 grams on increased buying by jewellers and retailers at the bullion market on Wednesday following beginning of auspicious week of ‘Navratri’
A weak trend overseas, however, capped the gains.
Silver remained weak and traded ₹50 lower at ₹39,200 per kg due to slackened demand from industrial units and coin makers.
Bullion traders said increased buying by local jewellers as well as retailers, driven by beginning of festive demand in domestic spot markets led to the rise in gold prices.
Globally, gold fell by 0.10% to $1,188.90 an ounce and silver by 0.03% to $14.45 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5% purity surged by ₹200 each to ₹31,850 and ₹31,700 per 10 grams, respectively. It had lost ₹250 in the previous two days.
Sovereign gold, however, remained steady at ₹24,600 per piece of eight grams on little doing.
On the other hand, silver ready fell by ₹50 to trade at ₹39,200 per kg, while weekly-based delivery declined ₹85 to ₹38,650 per kg.
Silver coins continued to be traded at previous level of ₹73,000 for buying and ₹74,000 for selling of 100 pieces.