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Updated: May 19, 2014 19:26 IST

Gold, silver recover on global cues

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Gold prices recovered by Rs 40 to Rs 29,580 per 10 grams while silver ended higher by Rs 150 to Rs 41,550 per kg.

Gold prices recovered by Rs 40 to Rs 29,580 per 10 grams in the national capital on Monday on global cues and pick up in demand from jewellers.

Silver followed suit and ended higher by Rs 150 to Rs 41,550 per kg on increased offtake by industrial units.

Traders said the rise in prices of the precious metals was in tandem with a firming trend overseas and fresh demand from jewellers, driven by the ongoing wedding season.

However, appreciating rupee which makes imports cheaper, restricted the rise, they said.

In the forex market, the rupee strengthened to 58.38 against the US dollar.

Gold in London, which normally sets price trend on the domestic front, rose 0.5 per cent to $1,300.40 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 40 each to Rs 29,580 and Rs 29,380 per 10 grams, respectively. It had lost Rs 560 in last two sessions.

Sovereign, however, remained steady at Rs 24,900 per piece of eight grams.

Silver ready moved up by Rs 150 to Rs 41,550 per kg while weekly-based delivery held steady at Rs 41,200 per kg on lack of buying support. The white metal had lost Rs 1,000 in the past two days.

Silver coins continued to be asked at last level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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