Globally, gold was trading higher by 0.14 per cent at $1,315.20 an ounce.

Gold prices surged by Rs 310 to Rs 34,310 per 10 gram at the bullion market on Friday on increased buying by jewellers coupled with a firming trend overseas, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver rates also rose by Rs 170 to Rs 40,820 per kg on Friday, supported by increased offtake by industrial units. On Thursday, gold and silver rates were dropped by Rs 50 and Rs 150 respectively, according to the report.

Here are 5 things to know about gold prices, silver rates:

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purities rebounded by Rs 310 each to Rs 34,310 and Rs 34,160 per 10 gram, respectively.

2. Sentiment in the domestic market turned upbeat on the back of increased buying by jewellers and retailers and a firming trend in global markets, traders were quoted as saying in the PTI report.

3. Globally, gold was trading higher by 0.14 per cent at $1,315.20 an ounce as weak US retail data raised fresh concerns about a global slowdown while silver shed 0.10 per cent, to $15.67 an ounce.

4. Sovereign gold, on the other hand, continued to rule flat at Rs 26,000 per piece of 8 gram.

5. Silver ready recovered by Rs 170 to Rs 40,820 per kg and weekly-based delivery by Rs 94 to Rs 39,584 per kg. Silver coins, however, continued to be at previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

(With inputs from agencies)