Gold recovered by Rs 75 to Rs 18,975 per 10 grams in the bullion market on Thursday, on firming global trend, but silver lacked the necessary buying support and fell by Rs 150 to Rs 29,550 per kg.
Marketmen said fresh buying in the wake of a firming trend in overseas markets mainly led to the recovery in gold prices, but silver declined on account of a lack of support from industrial units and jewellery fabricators.
Gold in overseas markets, which normally sets the price trend on the domestic front, climbed by $ 3.95 to $ 1,232.95 an ounce over concerns that Europe’s financial crisis might be prolonged, spurring demand for the metal as a safe haven for investment.
Standard gold of 99.9 per cent purity and 99.5 per cent purity recovered by Rs 75 each to Rs 18,975 and Rs 18,875 per ten grams respectively. They had lost Rs 125 each in the last two trading sessions. Sovereigns also gained Rs 25 to Rs 14,675 per piece of eight grams.
However, silver experienced a dearth of demand at existing higher levels and declined. Silver ready fell by Rs 150 to Rs 29,550 per kg and weekly-based delivery by Rs 165 to Rs 29,220 per kg.
Silver coins continued to be traded at around the previous level of Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.