Gold regained the crucial Rs 31,000 per ten grams level after a gap of two months here today on sustained buying by stockists and retailers amid a firming global trend.
After gaining Rs 235 in last three sessions, gold further spurted by Rs 465 to Rs 31,450 per ten grams, a level last seen on December 12.
On similar lines, silver shot up by Rs 900 to Rs 47,900 per kg after rising Rs 2,060 in previous three sessions on increased offtake by industrial units and jewellers.
In Mumbai, gold of 99.9 and 99.5% purity traded at Rs 31,010 and Rs 30,950 per ten grams, respectively while silver enquired at Rs 48,500 per kg.
Traders said persistent buying by stockists and retailers to meet the ongoing wedding season demand mainly led to an upward trend in precious metals.
Firming global trend where gold advanced to the highest level in more than three months as demand for haven assets increased on speculation that the US economic recovery will slow, further fuelled the uptrend, they said.
Gold in Singapore, which normally sets the price trend on the domestic front, rose by 0.9% to $1,330.03 an ounce, the highest since October 31 and silver surged 2.2% to $21.97 an ounce, the highest since November 7.
In the national capital, gold of 99.9 and 99.5% purity surged by Rs 465 each to Rs 31,450 and Rs 31,250 per ten grams, respectively. Sovereign shot up by Rs 200 to Rs 25,600 per piece of eight grams.
Silver ready recorded a handsome gain of Rs 900 to Rs 47,900 per kg and weekly-based delivery by Rs 1590 to Rs 48,200 per kg. Silver coins zoomed up by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.