NEW DELHI : Gold prices Monday rose by 340 to 34,450 per 10 grams at the bullion market here due to increased demand from local jewellers, according to All India Sarafa Association.

Silver, however, declined by 130 to 41,530 per kg due to subdued offtake by industrial units and coin makers.

Traders said, increased demand from jewellers pushed the prices of yellow metal. However, weak global cues capped the gain in the prices of precious metal, they added.

Globally, gold traded lower at 1,312.20 an ounce and silver stood at $15.83 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities advanced by 340 each to 34,450 and 34,300 per 10 gram, respectively.

Sovereign gold, too gained 100 to 26,100 per eight gram.

Silver ready declined by 130 to 41,530 per kg and weekly-based delivery saw a fall of 139 to 40,437 per kg.

On the other side, silver coins traded at the previous level of 80,000 for buying and 81,000 for selling of 100 pieces, respectively.