Gold, silver recover on jewellers' buying, global cues

New Delhi: After two day of losses, gold prices recovered by Rs 200 to Rs 26,775 per ten grams at the bullion market on Apri 1 ,on emergence of buying by jewellers and retailers at existing lower levels amid a firm global trend. Silver also found buying support and gained Rs 150 to Rs 37,350 per kg.

Traders said apart from buying by jewellers at prevailing levels, a firm global trend as the dollar retreated, raising appeal of the precious metals, mainly led to the recovery in the precious metal prices. Gold in Singapore, which normally determines price trend on the domestic front, rose 0.5 per cent to USD 1,189.15 an ounce. Meanwhile, the government on April 1, raised import tariff value on gold to USD 385 per 10 grams and silver to USD 543 per kg, taking cues from firm global price trends.

During the last fortnight of March, the tariff value on imported gold was USD 375 per 10 grams and on silver at USD 512 per kg. In the national capital, gold of 99.9 and 99.5 per cent purity went up by Rs 200 each to Rs 26,775 and Rs 26,625 per 10 gram respectively. Sovereign, however, remained steady at Rs 23,700 per piece of gram in limited deals.

Similarly, silver ready recovered by Rs 150 to Rs 37,350 per kg and weekly-based delivery by Rs 90 to Rs 37,260 per kg. On the other hand, silver coins continued to be traded at last level of Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.