Gold prices advanced for a second day by gaining Rs 55 to Rs 31,130 per 10 grams at the bullion market today, tracking a firming trend overseas amid increased buying by jewellers to meet rising demand from retailers at domestic spot market. Silver also recovered by Rs 500 to Rs 47,000 per kg due to increased offtake from coin makers and other consuming industries. Traders said a firming trend overseas where gold advanced amid speculation that the US central bank will be slow to raise interest rates, with investors counting down to the release of the Federal Reserve’s minutes of its July meeting as the dollar declined, mainly buoyed the sentiment here. Globally, gold rose 0.6 percent to USD 1,347.16 an ounce and silver by 0.56 percent to USD 19.85 an ounce in Singapore. Besides, an increased buying by jewellers to meet festive season demand from retailers at domestic spot markets supported the upside, they said.
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