Gold price bounces back on stockists buying
New Delhi: Gold prices recovered by Rs 210 to Rs 30,250 per ten gram in the national capital Tuesday on stockists buying for the wedding season despite weak global trend.
Silver followed suit and gained Rs 230 to Rs 42,830 per kg on increased offtake by industrial units and coin makers.
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
They said depreciating rupee against the US dollar which makes the import of precious metals costlier also influenced the sentiment.
In Delhi, gold of 99.9 and 99.5 percent purity rebounded by Rs 210 each to Rs 30,250 and Rs 30,050 per ten gram respectively. It had lost similar margin yesterday. Sovereign, however, held steady at Rs 24,900 per piece of eight gram.
Silver ready recovered by Rs 230 to Rs 42,830 per kg and weekly-based delivery by Rs 340 to Rs 42,130 per kg. The white metal had plunged by Rs 800 in the previous session.
Silver coins also spurted by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.