Gold, silver recover on jewellers buying

Traders said recovery in gold prices was mostly supported by fresh buying by jewellers to meet rising demand and depreciating rupee against the dollar, making imports costlier.

Gold prices recovered by Rs. 150 to Rs. 28,050, while silver moved up by Rs. 300. (File photo)

Gold prices recovered by Rs. 150 to Rs. 28,050 per ten gram in the national capital on emergence of buying at prevailing levels by jewellers to meet rising demand amid a weakening rupee.

Silver also moved up by Rs. 300 to Rs. 42,900 per kg on increased off-take from industrial units and coin makers.

Traders said recovery in gold prices was mostly supported by fresh buying by jewellers to meet rising demand and depreciating rupee against the dollar, making imports costlier.

In Delhi, gold of 99.9 and 99.5 per cent purity traded higher by Rs. 150 each to Rs. 28,050 and Rs. 27,850 per ten gram respectively. It had lost Rs. 130 on Tuesday. Sovereign, however, held steady at Rs. 24,600 per piece of 8 gram.

Globally, gold was trading 0.35 per cent lower at $1,267.20 an ounce in Singapore.

In a similar fashion, silver ready rose by Rs. 300 to Rs. 42,900 per kg and weekly-based delivery by Rs. 120 to Rs. 42,170 per kg. The white metal had lost Rs. 400 in last trade.

On the other hand, silver coins remained steady at Rs. 77,000 for buying and Rs. 78,000 for selling of 100 pieces.