Gold recovers on jewellers' buying

New Delhi: Gold regained its glitter with prices rising by Rs 150 to Rs 30,800 per 10 grams at the bullion market today on pick-up in buying activity by jewellers at domestic spot market even as the metal weakened overseas.

Silver also went up by Rs 200 to Rs 46,700 per kg on mild enquiries from industrial units and coin makers.

Bullion traders attributed the recovery in the precious metals to fresh purchases by jewellers to meet pick-up in demand at domestic spot market but a weak trend overseas, restricted the rise.

Globally, gold fell 0.6 per cent to USD 1,326.96 an ounce in Singapore as rising equities worldwide reduced demand for the precious metals as a safe haven investment.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 150 each to Rs 30,800 and Rs 30,650 per 10 grams, respectively. It had lost Rs 285 yesterday.

Sovereign, however, held steady at Rs 23,400 per piece of eight grams.

Silver ready also recovered by Rs 200 to Rs 46,700 per kg and weekly-based delivery by Rs 25 to Rs 47,550 per kg.

Silver coins, however, maintained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.