BackGold prices recover on scattered buying by jewellers
Gold prices recover by Rs130 to Rs31,480 per 10 grams, halting its three-day losing streak, on buying by local jewellers even as the metal weakened overseas
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New Delhi: Gold prices recovered by Rs130 to Rs31,480 per 10 grams, halting its three-day losing streak at the bullion market on Friday on buying by local jewellers even as the metal weakened overseas. Silver prices reclaimed the Rs40,000-mark on increased offtake by industrial units and coin makers.
Bullion traders attributed the recovery in gold prices to scattered buying by local jewellers, but a weak trend overseas capped the gains. Globally, gold rate fell 0.26% to $1,327.90 an ounce and silver by 0.18% to $16.56 an ounce in Singapore as a stronger dollar reduced appeal of the precious metals as a safe haven.
In the national capital, gold of 99.9% and 99.5% purity bounced back by Rs130 each to Rs31,480 and Rs31,330 per 10 grams, respectively. The precious metals had lost Rs450 in the previous three sessions. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.
Silver ready spurted by Rs1,165 to Rs40,550 per kg and weekly based delivery by Rs170 to Rs38,510 per kg. Silver coins, however, remained flat at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
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