Snapping its three-day losing streak, gold prices recovered by Rs. 40 to Rs. 27,490 per 10 grams in the national capital on Tuesday on emergence of buying by jewellers and retailers at existing lower levels amid a firm global trend.
Silver followed suit and gained Rs. 50 to Rs. 38,250 per kg on increased off-take by industrial units.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals. Besides, a firming global trend where gold recovered from a two-week low as investors weighed increased physical demand ahead of the U.S. Federal Reserve policy meet at which they are expected to end a bond-buying programme, boosted the sentiment, they said.
Gold in Singapore, which normally determines price trend on the domestic front, rose by 0.5 per cent to $1,232.40 an ounce and silver by 0.4 per cent to $17.21 an ounce. In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs. 40 each to Rs. 27,490 and Rs. 27,290 per 10 grams, respectively, while sovereign held steady at Rs. 24,200 per piece of eight grams. It had lost Rs. 475 in the past three sessions.
Silver ready rose by Rs. 50 to Rs. 38,250 per kg and weekly-based delivery by Rs. 170 to Rs. 38,190 per kg.
Silver coins, however, held steady at Rs. 66,000 for buying and Rs. 67,000 for selling of 100 pieces.