New Delhi: Gold prices recovered by Rs50 to Rs16,440 per ten grams here on Saturday on buying at existing levels amid a positive trend in the global markets.
Standard gold and ornaments rose by Rs50 each to Rs16,440 and Rs16,290 per ten grams, respectively. Sovereign gained Rs25 at Rs13,925 per eight-gram piece.
Marketmen said some local buying at attractive lower levels and reports of recovery in the overseas markets helped gold prices recover.
The price of the precious metal overseas, which normally sets the trend for the domestic market here, recovered by $1.80 to $1,065.00 an ounce in New York last evening.
Gold had tumbled by Rs410 per ten grams in the previous session on heavy selling.
On the other hand, silver ready remained steady at Rs24,600 per kg on lack of support, while weekly-based delivery fell by Rs30 to Rs24,310 per kg.
Silver coins too remained unchanged over last close at Rs32,900 (rpt) 32, 900 for buying and Rs33,000 for selling of 100 pieces.