Gold gains Rs 100 to Rs 30,200 on seasonal demand
New Delhi: Gold prices recovered by Rs 100 to Rs 30,200 per 10 grams, after three days of losses, in the bullion market here Monday on festive season buying amid firm global trend, while silver held steady at Rs 53,300 per kg on reduced offtake.
Traders said sentiment in gold turned better after the metal gained in global markets on speculation the Federal Reserve will do more to support growth.
In London, gold rose by 0.1 percent to USD 1,605.70 an ounce.
Local buying for the upcoming festive season further supported the recovery move in gold, they added.
Back home, gold of 99.9 and 99.5 percent purity rose by Rs 100 each to Rs 30,200 and Rs 30,000 per 10 grams, respectively. The metal had lost Rs 420 in last three sessions.
Sovereign gained Rs 50 to Rs 24,450 per piece of eight grams.
On the other hand, silver ready remained steady at Rs 53,300 per kg, while weekly-based trader marginally lower by Rs 10 to Rs 53,270 per kg for want of support.
Silver coins also met with resistance at prevailing higher levels and plunged by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.