Gold extends gains on sustained jewellers’ buying

New Delhi, Aug 17 (PTI) Gold advanced for the third day,gaining Rs 20 to Rs 31,150 per ten grams at the bullion markettoday on sustained buying by jewellers to meet festive seasondemand from retailers, even as the metal weakened overseas. Silver, however, fell by Rs 350 to Rs 46,650 per kg. Marketmen said increased buying by jewellers to meetrising festive season demand from retailers at domestic spotmarket mainly kept gold prices higher. However, a weak global trend where gold dropped ahead ofthe release of the Federal ReserveÂ’s minutes from its Julymeeting after central bank officials signalled that USinterest rates could be increased at least once this year,capped the rise. Globally, gold fell 0.4 per cent to USD 1,340.89 an ouncein Singapore as the dollar rose. In the national capital, gold of 99.9 per cent and 99.5per cent purity edged up by Rs 20 each to Rs 31,150 and Rs31,000 per 10 grams, respectively. It had gained Rs 80 in theprevious two trading sessions. Sovereign, however, remained flat at Rs 24,300 per pieceof eight grams. On the other hand, silver ready dropped by Rs 350 to Rs46,650 per kg and weekly-based delivery by Rs 490 to Rs 46,260per kg. Silver coins however remained steady at Rs 75,000 forbuying and Rs 76,000 for selling of 100 pieces. PTI KPS DP SDGANU