Gold glitters on Akshaya Tritiya; silver at Rs 39,000/kg

Gold prices rose by another Rs 135 to Rs 31,290 per 10 grams, due to token buying by jewellers on the occasion of Akshaya Tritiya, but a subdued trend overseas capped the gains.

Silver rescaled the Rs 39,000-mark by jumping Rs 620 to Rs 39,565 per kg on increased offtake by industrial units.

Traders said, besides token purchases by consumers on the auspicious occasion of Akshaya Tritiya, depreciating rupee against the US dollar helped gold prices to trade higher.

Standard gold (99.5 purity) gained by Rs 135 to end at Rs 31,290 per 10 grams as against Tuesday's closing level of Rs 31,155.

Pure gold (99.9 purity) also rallied by a similar margin to conclude at Rs 31,440 per 10 grams as against Rs 31,305 previously.

Silver (.999 fineness) spurted by Rs 620 to finish at Rs 39,565 compared to Rs 38,945 yesterday.

Globally, Gold prices eased as the dollar and stocks advanced, pointing to higher demand for riskier assets driven by upbeat US economic data and a slew of strong corporate earnings reports.

Spot gold was marginally firmer at $1,346.42 per ounce at early trade.

Meanwhile, spot silver climbed 0.2% to $16.78 per ounce, after touching a one-week high of $16.83 earlier in the session.