Gold price recovers by Rs 70 to Rs 30,970 per ten grams

New Delhi: After two days of losses, gold recovered by Rs 70 to Rs 30,970 per ten grams at the bullion market Tuesday on increased buying by jewellers at domestic spot market to meet retailers' demand even as the metal weakened overseas.

Silver also edged higher by Rs 50 to Rs 46,300 per kg due to increased offtake by industrial units and coin makers.

Traders said pick-up in buying by jewellers to meet festive season demand from retailers, led to the recovery in the precious metal prices.

However, a weak trend overseas restricted the gain.

Meanwhile, gold prices have gone up by Rs 5,795, or over 23 percent since August 9 last year at the domestic bullion market largely on the back of a global rally where the precious metal too recorded a rise of 21 per cent in one year.

Globally, gold fell 0.28 percent to USD 1,331.30 an ounce and silver by 0.48 percent to USD 19.58 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity rebounded by Rs 70 each to Rs 30,970 and Rs 30,820 per 10 grams, respectively. The metal had lost Rs 200 in the previous two sessions.

Sovereign, however, remained flat at Rs 24,200 per piece of eight grams in limited deals.

In line with gold, silver ready edged up by Rs 50 to Rs 46,300 per kg and weekly based delivery recaptured the crucial 46,000-mark by gaining Rs 190 to Rs 46,125 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.