Gold climbs Rs 190 on firm global cues, jewellers' buying

Gold maintained its upward trend for the fourth day today, climbing Rs 190 to Rs 31,850 per 10 grams, largely in line with a firm trend overseas amid sustained buying by local jewellers.

However, silver slipped by Rs 150 to Rs 39,550 per kg due to reduced offtake by industrial units and coin makers.

Traders said sentiment in gold remained strong following positive trend overseas on the back of a weaker dollar, while investors awaited US Federal Reserve Chair Jerome Powell's first congressional testimony for clues on the future pace of monetary tightening.

Globally, gold edged up by 0.03 per cent to USD 1,333.30 an ounce in Singapore.

Moreover, increased buying by local jewellers at domestic spot market, supported the uptrend in gold.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 190 each to Rs 31,850 and Rs 31,700 per 10 grams, respectively. It had gained Rs 310 in the previous three sessions.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

On the other hand, silver ready drifted lower by Rs 150 to Rs 39,550 per kg and weekly-based delivery by Rs 55 to Rs 38,550 per kg.

Silver coins, however, continued to trade at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.