Gold recovers on retail buying

The gold rallied in global markets from its biggest weekly drop in more than five months as investor holdings in exchange-traded products advanced to a record and a decline in the dollar boosted demand. File Photo.

Gold prices recovered by Rs. 170 to Rs. 32,000 per 10 gm in the national capital on Monday on emergence of retailers buying for the wedding season amid firming global trend.

Traders said emergence of retail customers buying for the ongoing wedding season mainly pulled back the gold, which had lost Rs. 270 in the previous session.

They said a firming tend in overseas markets further supported the uptrend.

The gold rallied in global markets from its biggest weekly drop in more than five months as investor holdings in exchange-traded products advanced to a record and a decline in the dollar boosted demand.

The gold increased 0.3 per cent to USD 1,720.45 an ounce in Singapore and silver by 0.6 per cent to USD 33.62 an ounce.

On the domestic front, the gold or 99.9 and 99.5 per cent purity rose by Rs. 170 each to Rs. 32,000 and Rs. 31,800 per 10 gm, respectively. Sovereign held steady at Rs. 25,600 per piece of eight gram.

On the other hand, silver ready declined by Rs. 650 to Rs. 62,400 per kg while weekly-based delivery shot up by Rs. 2,065 to Rs. 63,900 per kg on increased buying by speculators following a steep fall in the previous session.

Silver coins continued to be asked at last level of Rs. 81,000 for buying and Rs. 82,000 for selling of 100 pieces.