Gold prices recover on scattered buying

New Delhi-India (Jan 7)  Gold prices recovered by Rs. 30 to Rs. 28,740 per 10 grams on scattered buying by local jewellers even as the metal weakened overseas.

On similar lines, Silver rebounded by Rs. 350 to Rs. 40,450 per kg due to increased offtake by industrial units and coin makers.

Bullion traders said that mild buying by local jewellers at the domestic spot market helped the recovery in the precious metals’ prices, but a weak trend overseas capped the gains.

Globally, gold fell 0.68 per cent to $1,172.20 an ounce and silver by 0.66 per cent to $16.44 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity were higher by Rs. 30 each to Rs. 28,740 and Rs. 28,590 per 10 grams, respectively. It had shed Rs. 20 yesterday.

Sovereign, however, remained unaltered at Rs. 24,200 per piece of eight grams.

In line with gold, silver ready rebounded by Rs. 350 to Rs. 40,450 per kg, while weekly-based delivery by Rs. 230 to Rs. 40,340 per kg.

On the other hand, silver coins continued to be asked at the previous level of Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.

Source: BusinessLine