Gold prices go up only slightly, buying saves the day

New Delhi: The recovery in gold prices remained a subdued affair as the metal inched up Rs 50 to Rs 29,000 per 10 grams today in the wake of a firm trend overseas amid fresh buying by local jewellers.

However, silver stayed put at Rs 41,000 per kg in scattered deals from industrial units and coin makers.

Traders said local jewellers stepped up buying, with global prices giving more legs to the recovery.

Globally, gold rose by 0.24 per cent to USD 1,228.80 an ounce and silver by 0.46 per cent to USD 17.37 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 50 each to Rs 29,000 and Rs 28,850 per 10 grams, respectively. It had lost Rs 150 yesterday.

Sovereign also went up by Rs 100 to Rs 24,400 per piece of eight grams.

On the other hand, silver ready ruled flat at Rs 41,000 per kg while weekly-based delivery rebounded by Rs 165 to Rs 40,910 per kg on speculative buying.

Silver coins, however, maintained steady at Rs 70,000 for buy and Rs 71,000 for sale of 100 pieces.