Gold, silver recovers on festive demand

New Delhi: Gold prices recovered by Rs 30 to Rs 27,400 per ten gram in the national capital on October 11 on scattered buying by jewellers and retailers, driven by festive season.

Silver also traded higher by Rs 50 to Rs 38,800 per kg on increased offtake by industrial units and coin makers. Traders said some buying by jewellers and retailers to meet festive season demand mainly led to the recovery in precious metals.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 30 each to Rs 27,400 and Rs 27,200 per ten gram respectively, while sovereign held steady at Rs 24,200 per piece of eight gram in limited deals.

Silver ready also moved up by Rs 50 to Rs 38,800 per kg while weekly-based delivery fell by Rs 160 to Rs 38,250 per kg on lack of buying support from speculators. Silver coins, however, continued to be traded at last level of Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.