Gold, silver recover on jewellers buying

Gold prices recovered by Rs 90 to Rs 29,950 per 10 grams today, largely on the back of increased buying by jewellers at the domestic spot market.

Silver too strengthened by Rs 200 to Rs 40,200 per kg on increased offtake by industrial units and coin makers.

Traders said pick up in buying by jewellers at existing levels led to recovery in gold prices but a weak trend in precious metal squeezed the gain.

Globally, gold fell 0.26 per cent to USD 1,284.20 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 90 each to Rs 29,950 and Rs 29,800 per 10 grams, respectively. The metal had lost Rs 190 in the previous session.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams in scattered deals.

Silver ready advanced by Rs 200 to Rs 40,200 per kg and weekly-based delivery rebounded by Rs 5 to Rs 39,065 per kg on speculative buying.

On the other hand, silver coins fell by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)