Snapping out of a three-day falling streak, gold prices on Monday recovered by Rs. 15 to Rs. 19,140 per ten grams in the national capital, on fresh buying by jewellers to meet the festival season demand.
The precious metal became dearer following a fall of Rs. 345 in the last three trading sessions from its all-time high levels of Rs. 19,470, set on September 8.
Silver also rose by Rs. 175 to Rs 31,625 per kg on increased offtake by industrial units and coins makers.
Market analysts said the recent fall in precious metals encouraged stockists and jewellery fabricators to enlarge their positions to accommodate the festival season demand.
They said major domestic market players shrugged off a weakening trend in international markets, which usually set prices for markets here.
Gold price in global markets fell by $3.30 to $1,243.40 an ounce, as firming equities reduced demand for the metal as an alternate investment.
In Delhi, the gold of 99.9 and 99.5 per cent purity recovered by Rs. 15 each, to Rs. 19,140 and Rs. 19,040 per ten grams respectively. However, sovereign remained stable at Rs. 14,950 per piece of eight grams.
Silver ready, in line with the general trend, rose by Rs. 175 to Rs. 31,625 per kg and weekly-based delivery by Rs. 115 to Rs. 31,350 per kg.
Silver coins continued to trade around the previous level of Rs. 35,000 for buying and Rs. 35,100 for selling of 100 pieces.
Keywords: bullion. price of gold