Gold price regains sheen, settles at Rs 29,850 per 10 grams

New Delhi: Gold prices recovered by Rs 100 to Rs 29,850 per 10 grams at the bullion market Thursday on positive global cues and uptick in demand from local jewellers.

Silver also rebounded by Rs 100 to Rs 43,200 per kg due to increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to a firm trend overseas amid increased buying by local jewellers to meet ongoing marriage season demand.

Globally, gold rose 0.15 percent to USD 1,237.20 an ounce and silver spurted 0.28 percent to USD 17.98 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 percent and 99.5 percent purity recovered by Rs 100 each to Rs 29,850 and Rs 29,700 per 10 grams, respectively. It had lost Rs 200 yesterday.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.

Silver ready too edged up by Rs 100 to Rs 43,200 per kg, while weekly-based delivery shed Rs 65 to Rs 42,590 per kg for want of support from speculators.

Silver coins, however, continued to trade at previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.