Mumbai: Gold continued its ascent and today reclaimed the psychologically important Rs 31,000 per 10 gm mark at the domestic bullion hub on steady wave of speculative and stockists buying frenzy amid strong global sentiment. 

Significant increase in jewellery and investment demand against the backdrop of sliding rupee value also helped prices surge.

The precious metal has been on the rise ever since the government clamped down on gold imports by imposing series of duty hikes and constraints on supplies to control the widening current account deficit (CAD). 

Moreover, there is a huge supply shortage in the market due to lack of clarity on modalities of imports.