Gold prices take comfort from global cues, edge up to Rs29,350
In Delhi, gold prices of 99.9% and 99.5% purity edged up by Rs60 each to Rs29,350 and Rs29,200 per 10 grams, respectively
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New Delhi: A mix of positive global indicators and pick-up in local demand because of wedding season rush gave some comfort to gold as prices recovered Rs60 to Rs 29,350 per 10 grams on Tuesday.
Silver firmed up further by Rs25 to Rs41,825 per kg following higher offtake by industrial units and coin makers.
Traders attributed the recovery in gold prices to a firm trend overseas as geopolitical issues in the Middle-East and Korean Peninsula pushed investors to safer options like the yellow metal.
The wedding season demand at the domestic spot market gave more upside.
Globally, gold rose by 0.25% to $1,257.50 an ounce and silver by 0.08% to $17.94 an ounce in Singapore.
In Delhi, gold of 99.9% and 99.5% purity edged up by Rs60 each to Rs29,350 and Rs29,200 per 10 grams, respectively.
It had shed Rs10 on Monday. Sovereign, however, remained steady at Rs24,400 per piece of eight grams.
Silver ready too advanced by Rs25 to Rs41,825 per kg and weekly-based delivery traded higher by a similar margin at Rs41,395 per kg.
Silver coins, however, remained unchanged at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.