Gold price snaps 2-day falling streak, recovers to Rs 29,700 per 10 grams

New Delhi: Aided by positive global cues and pick up in demand from local jewellers on account of weddings, gold snapped its two-day falling streak by recovering Rs 75 to Rs 29,700 per 10 grams at the bullion market Thursday.

Silver also advanced by Rs 200 to Rs 43,200 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to a firm trend overseas as the weakness in dollar boosted demand for the precious metals as a safe-haven.

Globally, gold rose by 0.18 percent to USD 1,235.40 an ounce and silver by 0.03 percent to USD 17.95 an ounce in Singapore.

Besides, increased buying by local jewellers to meet the wedding season demand contributed to the uptrend, they said.

In the national capital, gold of 99.9 percent and 99.5 percent purity recovered by Rs 75 each to Rs 29,700 and Rs 29,550 per 10 grams, respectively. It had lost Rs 325 in the previous two days.

Sovereign, however, held steady at Rs 24,500 per piece of eight grams.

In the footsteps of gold, silver ready too strengthened by Rs 200 to Rs 43,200 per kg and weekly-based delivery by Rs 115 to Rs 42,700 per kg.

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