After falling for three straight days, gold prices recovered by Rs. 50 to Rs. 26,700 per ten grams at the bullion market today, supported by fresh purchases by jewellers to meet seasonal demand, amid a firming global trend.
Silver also rebounded by Rs. 600 to Rs. 34,800 per kg, on increased offtake by industrial users and coin makers.
Traders said emergence of buying by jewellers and retailers, triggered by festive season and a better trend in global market, mainly led to recovery in prices of both the precious metals.
Globally, gold rose 0.7 per cent to USD 1,132.55 an ounce and silver climbed 0.5 per cent to USD 14.56 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs. 50 each to Rs. 26,700 and Rs. 26,550 per ten grams, respectively. The precious metals had lost Rs. 925 in the previous three sessions.
Sovereign, continued to trade steady at Rs. 22,500 per piece of eight grams.
Tracking gold, silver ready recorded a handsome gain of Rs. 600 to Rs. 34,800 and weekly-based delivery by Rs. 780 to Rs. 34,295 per kg.
On the other hand, silver coins held steady at Rs. 50,000 for buying and Rs. 51,000 for selling of 100 pieces.
