Gold prices had gained Rs 150 in the previous two sessions.
New Delhi: Gold prices rose by Rs 50 to Rs 31,550 per 10 gram at the bullion market today due to buying by local jewellers, despite a weak trend overseas.
Silver prices too went up by Rs 150 to Rs 39,400 per kg, supported by increased offtake by industrial units and coin makers.
In global markets, the price of gold dipped as investors grew more optimistic that a trade dispute between the United States and China may be resolved without greater damage to the global economy.
Traders said despite weak global prices, increased buying by local jewellers at domestic spot market to meet retailers' demand kept gold prices higher.Five Things To Know About Gold Price Rise TodayIn Delhi, gold of 99.9 per cent and 99.5 per cent purity gained Rs 50 each to Rs 31,550 and Rs 31,400 per 10 gram, respectively.
The precious metal had gained Rs 150 in the previous two sessions.Sovereign however remained flat at Rs 24,800 per piece of eight gram in limited deals.Silver ready also hardened by Rs 150 to Rs 39,400 per kg and weekly-based delivery by Rs 120 to Rs 38,445 per kg.Silver coins however continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.Globally, gold price fell 0.09 per cent to $1,334.50 an ounce and silver by 0.12 per cent to $16.45 an ounce in Singapore.
Gold prices dipped today in global markets after Chinese President Xi Jinping promised to lower import tariffs on certain products, helping soothe fears over an escalating trade row with the United States.
Mr Xi promised to open the country's economy further and lower import tariffs on products including cars.
His comments sent global equity markets higher.