Gold, silver recover on wedding season demand, global cues
Gold prices recovered by `90 to `27,880 per ten gram at the bullion market
After two days of losses, gold prices recovered by ₹ 90 to ₹ 27,880 per ten gram at the bullion market on Tuesday on emergence of buying by jewellers and retailers at existing levels amid a firm global trend.
Silver also rebounded by ₹ 570 to ₹ 38,100 per kg on increased offtake by industrial units. Traders said besides revival of buying by jewellers and retailers at current levels to meet wedding season demand, a firm global trend, helped gold prices to recover.
Gold in Singapore, which normally sets price trend on the domestic front, advanced 0.6% to $1,245.98 an ounce and silver added 0.4% to $17.06 an ounce. In the national capital, gold of 99.9% and 99.5% purity traded higher by ₹ 90 each to ₹ 27,880 and ₹ 27,680 per ten gram respectively. The precious metal had lost ₹ 510 in last two sessions.
Sovereign, however, held steady at ₹ 23,900 per piece of eight gram. In line with a overall trend, silver ready rebounded by ₹ 570 to ₹ 38,100 per kg and weekly-based delivery by ₹ 565 to ₹ 37,715 per kg. On the other hand, silver coins traded at last level of ₹ 61,000 for buying and ₹ 62,000 for selling of 100 pieces.
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