Gold, silver recover on scattered buying

NEW DELHI: Gold prices recovered by Rs 30 to Rs 28,740 per 10 grams on scattered buying by local jewellers even as the metal weakened overseas.

On similar lines, Silver rebounded by Rs 350 to Rs 40,450 per kg due to increased offtake by industrial units and coin makers.

Bullion traders said that mild buying by local jewellers at domestic spot market helped the recovery in the precious metals' prices, but a weak trend overseas capped the gains.

Globally, gold fell 0.68 per cent to USD 1,172.20 an ounce and silver by 0.66 per cent to USD 16.44 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity were higher by Rs 30 each to Rs 28,740 and Rs 28,590 per 10 grams, respectively. It had shed Rs 20 yesterday.

Sovereign, however, remained unaltered at Rs 24,200 per piece of eight grams.

In line with gold, silver ready rebounded by Rs 350 to Rs 40,450 per kg while weekly-based delivery by Rs 230 to Rs 40,340 per kg.

On the other hand, silver coins continued to be asked at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

 

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