Gold snaps two-day fall, recover Rs 220 on strong global cues
New Delhi: Snapping its two-day losing trend, gold prices recovered by Rs 220 to Rs 30,600 per ten grams in the national capital Thursday on fresh buying by stockists and jewellers to meet the coming festival and marriage season demand.
However, silver remained weak for the third straight session and shed another Rs 50 to Rs 49,250 per kg on lack of buying support from industrial units. The white metal had lost Rs 380 in last two sessions.
Traders said fresh buying by stockists and jewellers to meet the coming "Navratras" and marriage season demand amid a strong global trend mainly led the recovery in gold prices.
Gold in New York, which normally sets price trend on the domestic front, shot up by USD 28.80 to USD 1,316.30 an ounce last night.
On the domestic front, gold of 99.9 and 99.5 percent purity recovered sharply by Rs 220 each to Rs 30,600 and Rs 30,400 per ten grams, respectively. It had lost Rs 820 in the previous two sessions. Sovereign followed suit and rose by Rs 200 to Rs 25,100 per piece of eight gram.
On the other hand, silver ready fell further by Rs 50 to Rs 49,250 per kg and weekly-based delivery by Rs 150 to Rs 49,000 per kg.
On the other hand, silver coins found some buying support and spurted by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.