Gold recovers on fresh buying, silver remains weak

Gold recovers on fresh buying, silver remains weak
PTI
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First Published: Sat, Sep 26 2009. 05 27 PM IST
Updated: Sat, Sep 26 2009. 05 27 PM IST
New Delhi: Snapping a two-day losing streak, gold prices recovered by Rs30 to Rs15,800 per 10 gram in the bullion market here on emergence of buying by retailers, even as the metal remained weak in the global markets.
However, silver remained under selling pressure and lost Rs50 at Rs25,800 per kg.
Marketmen said emergence of buying at existing levels for the festival and marriage season demand mainly led to the recovery in gold prices, but weak trend overseas capped gains in the metal at the local market to some extent.
In the global market, gold fell by three dollar to $990.70 an ounce overnight.
Standard gold and ornaments recovered by Rs30 each to Rs15,800 and Rs15,650 per 10 gram, respectively.
However, sovereign remained unchanged at Rs12,900 per piece of eight gram in limited deals. On the other hand, silver ready remained under selling pressure and fell further by Rs50 to Rs25,800 per kg and weekly-based delivery by Rs320 to Rs25,820 per kg.
Silver coins continued to be asked around previous level of Rs31,700 for buying and Rs31,800 for selling of 100 pieces.
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First Published: Sat, Sep 26 2009. 05 27 PM IST
More Topics: Gold | Silver | Bullion | India | Money Matters |