Gold recovers on global cues, jewellers’ buying

New Delhi: Snapping its two-day losing streak, gold prices recovered from four-month low by gaining Rs 155 to Rs 25,780 per 10 grams at the bullion market today, tracking a firm trend overseas along with fresh buying by jewellers. Silver also inched up by Rs 100 to Rs 34,200 per kg on scattered enquiries from industrial units and coin makers. Bullion traders said besides firm global trend where gold rose from a five-year low, emergence of buying by jewellers at prevailing levels to meet wedding season demand supported the upside in the precious metals.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.7 per cent to USD 1,078 an ounce and silver by 1.1 per cent to USD 14.33 an ounce, while it ended 0.02 per cent higher at USD 1,070 an ounce in New York  yesterday. In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 155 each to Rs 25,780 and Rs 25,630 per ten grams, respectively. The precious metal had lost Rs 525 in last two days. The sovereign, however, remained flat at Rs 22,200 per piece of eight gram in limited deals.

Tracking gold, silver ready edged up by Rs 100 to Rs 34,200 per kg and weekly-based delivery by Rs 95 to Rs 33,760 per kg. On the other hand, silver coins continued to be traded at last level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces in restricted buying activity.

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