Snapping its eight-day long losing streak, gold recovered from three-month low by rising Rs. 200 to close at Rs. 27,800 per ten gram in the national capital on Wednesday on emergence of buying by jewellers and retailers at lower levels amid positive global trend.
In line with gold, silver also recovered by Rs. 270 to Rs. 42,170 per kg on increased off-take by industrial units.
Traders said revival of buying by jewellers and retailers at prevailing lower levels and a slightly better trend in global markets mainly attributed recovery in gold prices.
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Gold in New York, which normally sets price trend on the domestic front, rose marginally by 0.02 per cent to $1,255.80 an ounce and silver by 0.18 per cent to $19.06 an ounce in Tuesday’s trade.
In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs. 200 each to Rs. 27,800 and Rs. 27,600 per ten gram respectively. The yellow metal had lost Rs. 700 in the last eight sessions. Sovereign, however, continued to be traded at Rs. 24,500 per piece of eight gram in scattered deals.
Silver ready prices were up by Rs. 270 to Rs. 42,170 per kg and weekly-based delivery by Rs. 330 to Rs. 42,200 per kg. The white metal had lost Rs. 175 on Tuesday. On the other hand, silver coins were well maintained at Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces in restricted buying activity.
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