Gold recovers on firm global cues, jewellers' buying

New Delhi: Gold prices recovered from its six-month low by rising Rs 250 to Rs 29,250 per 10 grams at the bullion market today on positive global cues amid scattered buying by jewellers at domestic spot market.

Silver also regained the Rs 41,000-mark by rising Rs 150 per kg on increased offtake by industrial units and coin makers.

Traders said a firm global trend amid signs of political uncertainty ahead of an Italian referendum this weekend mainly led to a rise in the prices of precious metals here.

Globally, gold rose 0.47 per cent to USD 1,177.10 an ounce and silver by 1.46 per cent to USD 16.72 an ounce in New York in yesterday's trade.

In addition, scattered buying by jewellers to meet ongoing wedding season demand at domestic spot market supported the upmove, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 250 each to Rs 29,250 and Rs 29,100 per 10 grams, respectively.

Sovereign, however, remained steady at Rs 24,400 per piece of eight grams in limited deals.

Silver ready advanced by Rs 150 to Rs 41,000 per kg and weekly-based delivery by Rs 275 to Rs 40,325 per kg.

On the other hand, silver coins were unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.