Gold price recovers to Rs 29,150 per 10 grams

New Delhi: Gold prices recovered by Rs 50 to Rs 29,150 per 10 grams at the bullion market Monday on scattered buying by local jewellers even as the metal weakened overseas.

Silver, however, strengthened by Rs 300 to Rs 39,500 per kg on the back of increased offtake from industrial units and coin makers.

Traders attributed the rise in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.

Globally, gold fell 0.07 percent to USD 1,254.70 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity edged up by Rs 50 each to Rs 29,150 and Rs 29,000 per 10 grams, respectively. It had lost Rs 100 in Saturday's trade.

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

Following gold, silver ready advanced by Rs 300 to Rs 39,500 per kg while weekly-based delivery traded higher by Rs 165 to Rs 39,300 per kg.

Silver coins, however, continued to be traded at previous levels of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.