Gold recovers by Rs 110 on global cues, ends 3-day fall
Mild buying by jewellers to meet wedding season demand partly contributed to recovery in gold prices.
New Delhi: Gold today recovered by Rs 110 to Rs 28,710 per 10 grams at the bullion market, snapping its three-day falling streak, largely in sync with a firm trend in global market.
Moreover, scattered buying by jewellers at domestic market, influenced the precious metal prices. Silver also regained the Rs 41,000-mark surging by Rs 750 to Rs 41,600 per kg on increased offtake by industrial units and coin makers.
Traders said apart from a firm global trend, mild buying by jewellers to meet ongoing wedding season demand at domestic spot market mainly attributed the recovery in gold prices.
Globally, gold rose 0.08 per cent to USD 1,174.20 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 110 each to Rs 28,710 and Rs 28,560 per 10 grams, respectively. It had lost Rs 650 in the previous three sessions.
Sovereign, however, held steady at Rs 24,200 per piece of eight grams in limited deals. Tracking gold, silver ready spurted by Rs 750 to Rs 41,600 per kg and weekly-based delivery by Rs 860 to Rs 41,780 per kg.
On the other hand, silver coins were unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.