Gold recovers on jewellers’ buying; silver remains weak

New Delhi: After a three-day falling streak, gold prices recovered by Rs 55 to Rs 29,170 per 10 grams at the bullion market today on scattered buying by local jewellers even as the metal weakened overseas.

Silver, however, remained under selling pressure and cracked below the Rs 39,000-mark by falling Rs 250 to Rs 38,800 per kg.

Traders attributed the recovery in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.

Globally, gold fell 0.02 per cent to USD 1,253.40 an ounce and silver by 0.27 per cent to USD 16.69 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 55 each to Rs 29,170 and Rs 29,020 per 10 grams, respectively. It had lost Rs 205 in the last three days.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

On the other hand, silver ready drifted lower by Rs 250 to Rs 38,800 per kg and weekly-based delivery by Rs 285 to Rs 38,480 per kg.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.