Gold recovers on global cues, jewellers buying

New Delhi :After yesterday’s slide, gold prices recovered by Rs 80 to Rs 27,130 per 10 grams at the bullion market today, taking positive cues from overseas markets amid fresh buying by jewellers.

Silver, however, shed Rs 10 at Rs 34,840 per kg on lack of buying support from industrial users and coin makers.

Bullion traders said besides a firming trend overseas, wedding season buying by jewellers and retailers at the domestic market, mainly led to recovery in gold prices.

Globally, gold rose 0.25 per cent to USD 1,117.80 an ounce and silver by 0.11 per cent to USD 14.24 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 80 each to Rs 27,130 and Rs 26,980 per 10 grams, respectively. The precious metal had shed Rs 85 yesterday.

Sovereign, however, remained steady at Rs 22,500 per piece of eight grams in limited deals.

On the other hand, silver ready declined by Rs 10 to Rs 34,840 per kg, while weekly-based delivery inched up by Rs 25 to Rs 34,750 per kg.

Silver coins plummeted by Rs 1,000 to Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.