BackGold, silver recover on seasonal demand, global cues
Gold of 99.9 and 99.5% purity recovered by Rs50 each to Rs30,510 and Rs30,310 per ten gram, respectively
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New Delhi: Gold prices recovered on Thursday by Rs50 to Rs30,510 per ten gram in Delhi on emergence of buying by stockists for the ongoing wedding season amid a firm global trend. Silver too gained Rs950 to Rs45,100 per kg on increased offtake by industrial units and coin makers.
A similar trend was noticed in Mumbai, as gold of 99.9 and 99.5% purity rose by Rs50 and Rs60 to Rs30,260 and Rs30,110 per ten gram, respectively; while silver rebounded by Rs700 to Rs45,600 per kg on increased seasonal demand.
Traders said besides wedding season buying, firm global trend mainly led the recovery in both gold and silver prices.
Gold in Singapore, which normally sets price trend on the domestic front, improved to $1,258.09 an ounce from $1,257.92. Silver rose 0.7% to $20.03 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs50 each to Rs30,510 and Rs30,310 per ten gram, respectively. It had lost Rs240 on Wednesday. Sovereign followed suit and rose by Rs100 to Rs25,300 per piece of eight gram.
In a similar fashion, silver ready recorded a handsome gain of Rs950 at Rs45,100 per kg and weekly-based delivery by Rs935 to Rs44,785 per kg. The white metal had shed Rs50 in the previous session.
Silver coins also spurted by Rs1,000 to Rs87,000 for buying and Rs88,000 for selling of 100 pieces on upsurge in marriage season demand.
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