Gold prices recover on jewellers’ buying
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New Delhi: Snapping its four-day losing streak, gold prices recovered by Rs20 to Rs29,320 per 10 grams at the bullion market on Tuesday on scattered buying by local jewellers even as the metal weakened overseas. Silver, however, remained under selling pressure and dropped by Rs550 to Rs39,150 per kg.
Traders attributed the rise in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.
Globally, gold prices fell 0.09% to $1,264.30 an ounce and silver by 0.59% to $16.83 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity edged up by Rs20 each to Rs29,320 and Rs29,180 per 10 grams, respectively.
It had lost Rs495 in last four days. Sovereign, however, remained steady at Rs 24,400 per piece of eight grams.
On the other hand, silver ready plunged by Rs550 to Rs39,150 per kg and weekly-based delivery cracked below the Rs39,000-mark by falling Rs510 to Rs38,965 per kg.
Silver coins, however, continued to be traded at previous levels of Rs72,000 for buying and Rs73,000 for selling of 100 pieces.