Precious metals recover on fresh local buying, global cues
New Delhi: Snapping a two-day losing trend, both the precious metals, gold and silver recovered on the bullion market Thursday on fresh local buying at existing lower levels amid a better trend in overseas markets.
While gold recovered by Rs 120 to Rs 29,720 per 10 gm, silver by Rs 100 to Rs 52,300 per kg.
Traders said fresh local buying for the coming festival and marriage season and better trend in overseas markets mainly led to recovery in both gold and silver prices.
Shifting of funds from weak equities to bullion markets further fuelled the uptrend, they said.
Gold in New York, which normally set price trend on the domestic front, rose by 10.10 dollar to 1576.60 dollar an ounce and silver by 1.23 percent to 27.14 dollar an ounce.
On the domestic front, gold of 99.9 and 99.5 percent purity recovered by Rs 120 each to Rs 29,720 and Rs 29,520 per ten grams respectively. The metal had lost Rs 430 in last two sessions. Sovereign remained flat at Rs 24,200 per piece of eight gram in scattered deals.
In line with a general firming trend, silver ready rebounded by Rs 100 to Rs 52,300 per kg and weekly-based delivery by Rs 50 to Rs 52,585 per kg. The white metal had lost Rs 1000 in the previous two trading sessions.
Meanwhile, silver coins continued to be asked around previous level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.