The bullion market began the New Year on a positive note with gold rising by Rs. 225 to Rs. 30,025 per ten grams and silver gaining by Rs. 45 to Rs. 43,800 per kg on Wednesday on emergence of buying at prevailing lower levels for the ensuing marriage season.
In Mumbai, gold of 99.9 and 99.5 per cent purity advanced by Rs 100 each to Rs 29,630 and Rs 29,480 per ten grams, respectively, while silver lost Rs 460 at Rs 44,540 per kg.
Traders said emergence of buying at prevailing lower levels for the upcoming marriage season mainly led the recovery move in precious metals.
On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 225 to Rs 30,025 and Rs 29,825 per ten grams, respectively. It had lost Rs 320 in last two sessions.
Sovereign held steady at Rs 25,100 per piece of eight gram.
In line with a general firm trend, silver ready recovered by Rs 45 to Rs 43,800 and weekly—based delivery by Rs 5 to Rs 43,960 per kg. It had lost Rs 1,245 in last two days.
However, silver coins lacked necessary buying support at existing higher levels and plunged by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling 100 pieces.