After falling for two days, gold recovered Rs. 100 to Rs. 26,700 per 10 grams at the bullion market on Saturday on emergence of buying by jewellers and retailers to meet rising seasonal demand amid a firming trend overseas.
However, silver eased by Rs. 75 to Rs. 36,725 per kg due to reduced offtake by industrial units and coin makers.
Bullion traders said emergence of buying by jewellers and retailers at the existing levels to meet wedding season demand and a firming trend in global market mainly led to recovery in gold prices.
1.53 p.c. higher globally
Globally, gold ended 1.53 per cent higher at USD 1,156.40 an ounce in New York yesterday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 100 each to Rs. 26,700 and Rs. 26,550 per 10 grams, respectively. The precious metal had lost Rs. 250 in the last two trading sessions.
Sovereign, however, traded Rs. 200 lower at Rs. 22,200 per piece of eight grams on weak demand.
Silver price falls
On the other hand, silver fell Rs. 75 to Rs. 36,725 per kg while weekly delivery lost Rs. 80 to Rs. 36,830 per kg on muted demand.
Silver coins, however, ruled steady at Rs. 51,000 for buying and Rs. 52,000 for sale of 100 pieces.
