Gold price recovers by Rs 250 to Rs 29,350 per 10 grams

New Delhi: Gold prices rebounded by Rs 250 to Rs 29,350 per 10 grams at the bullion market Thursday on firm overseas cues and increased buying by local jewellers.

Silver also recovered by Rs 150 to Rs 40,150 per kg backed by increased offtake by industrial units and coin makers.

Marketmen said a firm trend overseas and pick up in buying by local jewellers at domestic spot markets led to the recovery in gold prices.

Globally, gold rose by 0.46 percent to USD 1,268.60 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 percent and 99.5 percent purity bounced back by Rs 250 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively. It had lost Rs 250 in yesterday's trade.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams in scattered deals.

Tracking gold, silver ready recovered by Rs 150 to Rs 40,150 per kg, while weekly-based delivery slumped below the Rs 40,000-mark by falling Rs 80 to Rs 39,935 per kg due to lack of speculators' buying support.

On the other hand, silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.