Gold prices recoup on positive global cues
New Delhi: Gold prices recovered by Rs 25 to Rs 29,300 per 10 grams at the bullion market on Friday on fresh buying by local jewellers amid positive global cues.
Silver also edged up by Rs50 to Rs42,550 per kg on the back of increased offtake from industrial units and coin makers.
Traders attributed the rise in gold prices to a firm trend overseas after the US launched missile strikes on Syria, fanning geopolitical concerns and raising demand for the precious metal as a safe haven. Fresh buying by local jewellers at domestic spot markets also supported the upside, they added.
Globally, gold rose by 1.4% to $1,269.46 an ounce, the highest since November and silver by 0.77% to $18.38 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs 25 each to Rs 29,300 and Rs 29,150 per 10 grams, respectively.
It had lost Rs 125 on Thursday.
Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. Following gold, silver ready edged higher by Rs 50 to Rs 42,550 per kg while weekly-based delivery gained Rs 150 to Rs 42,390 per kg. Silver coins, however, continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.