Silver prices recover on global cues, gold steady
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New Delhi: Silver prices recovered by Rs 150 to Rs 40,850 per kg at the bullion market on Friday in line with a firm trend overseas supported by increased offtake by consuming industries at the domestic spot market. On the other hand, gold went steady at Rs29,000 per 10 grams in scattered deals even as it strengthened overseas.
Traders attributed the recovery in silver prices to a strong trend overseas and increased offtake by industrial units and coin makers at the local spot market. Globally, silver rose by 0.36% to $16.54 an ounce and gold by 0.28% to $1,174.90 an ounce in Singapore. In Delhi, silver ready rose by Rs150 to Rs40,850 per kg and weekly-based delivery edged up by Rs50 to Rs40,050 per kg.
Silver coins, however, continued to be at the previous level of Rs 74,000 for buying and Rs75,000 for selling of 100 pieces. On the other hand, gold of 99.9% and 99.5% purity ruled steady at Rs29,000 and Rs28,850 per 10 grams, respectively. It had lost Rs450 in last two days. Sovereign, however, traded higher by Rs50 to Rs24,400 per piece of eight grams.