Gold price recovers on positive global cues, jewellers' buying

New Delhi: Gold prices Tuesday moved up by Rs 50 to Rs 31,030 per 10 grams at the bullion market on fresh buying by jewellers at the domestic spot market amidst a firm trend overseas.

Silver, however, lacked necessary buying support from industrial units and coin makers and eased by Rs 50 to Rs 47,350 per kg.

Bullion traders attributed the recovery in gold prices to a firm trend overseas along with fresh purchases by jewellers to meet retailers demand at domestic spot market.

Globally, gold rose by 0.25 percent to USD 1,355 an ounce in Singapore. Silver was up by 0.32 percent at USD 20.46 an ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity edged higher by Rs 50 each to Rs 31,030 and Rs 30,880 per 10 grams, respectively. The precious metal had lost Rs 360 yesterday.

Sovereign too traded higher by Rs 100 to Rs 24,200 per piece of eight grams on retailers buying.

On the other hand, silver ready declined by Rs 50 to Rs 47,350 per kg and weekly-based delivery by Rs 110 to Rs 47,745 per kg even as the white metal strengthened overseas.

Silver coins, however, were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces on little doing.