Gold price today hits Rs 31,000 amid festive buzz

New Delhi, Aug 27: Gold hit the Rs 31,000-mark today by gaining Rs 100 to trade at over one month high on persistent buying by local jewellers amid festive buzz, even as the metal weakened overseas.

Silver also advanced by Rs 50 to Rs 38,300 per kg due to increased offtake by industrial units and coin makers.

Traders said increased buying by local jewellers to meet festive season demand at domestic spot market mainly kept gold prices higher, but a weak trend overseas capped the rise.

Globally, gold fell 0.07 per cent to USD 1,204.40 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity climbed Rs 100 each to Rs 31,000 and Rs 30,750 per 10 gram, respectively, a level last seen on July 17.

The precious metal had gained Rs 280 in previous two days.

Sovereign however remained unaltered at Rs 24,500 per piece of 8 gram in limited deals.

Following gold, silver ready strengthened by Rs 50 to Rs 38,300 per kg and weekly-based delivery by Rs 150 to Rs 37,150 per kg.

On the other hand, silver coins maintained a steady trend at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.