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Updated: February 6, 2014 16:54 IST

Gold, silver recover on seasonal demand, global cues

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Gold prices recovered on Thursday by Rs 50 to Rs 30,510 per ten gram in the national capital on emergence of buying by stockists for the ongoing wedding season amid a firm global trend.

Silver too gained Rs 950 to Rs 45,100 per kg on increased offtake by industrial units and coin makers.

A similar trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity rose by Rs 50 and Rs 60 to Rs 30,260 and Rs 30,110 per ten gram, respectively; while silver rebounded by Rs 700 to Rs 45,600 per kg on increased seasonal demand.

Traders said besides wedding season buying, firm global trend mainly led the recovery in both gold and silver prices.

Gold in Singapore, which normally sets price trend on the domestic front, improved to USD 1,258.09 an ounce from USD 1,257.92. Silver rose 0.7 per cent to USD 20.03 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 50 each to Rs 30,510 and Rs 30,310 per ten gram, respectively. It had lost Rs 240 on Wednesday.

Sovereign followed suit and rose by Rs 100 to Rs 25,300 per piece of eight gram.

In a similar fashion, silver ready recorded a handsome gain of Rs 950 at Rs 45,100 per kg and weekly-based delivery by Rs 935 to Rs 44,785 per kg. The white metal had shed Rs 50 in the previous session.

Silver coins also spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces on upsurge in marriage season demand.

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