Gold prices up on strong global cues, jewellers' buying

New Delhi, Mar 7: Gold prices went up by Rs 220 to Rs 31,670 per ten grams at the bullion market today, tracking a firm trend overseas amid increased buying by local jewellers.

Silver also shot up by Rs 500 to Rs 39,900 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the rally in gold to a firm trend overseas as the dollar weakened after the US President Donald Trump said he would push ahead with punitive tariffs on steel and aluminium imports, rekindling fears of a potential trade war.

Globally, gold rose 1.09 per cent to USD 1,334.20 an ounce and silver by 1.89 per cent to USD 16.22 an ounce in New York in yesterday's trade.

Besides, pick-up in buying by local jewellers at domestic spot market, fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 220 each to Rs 31,670 and Rs 31,520 per ten grams, respectively.