Gold prices recover by Rs. 225/10 gm, silver reclaims Rs. 43K-mark

New Delhi-India (Feb 11)  Gold regained its glitter by surging Rs. 225 to Rs. 29,725 per 10 grams at the bullion market today, tracking a firm trend overseas amid pick-up in buying by local jewellers to meet the wedding season demand.

Silver also reclaimed the Rs. 43,000-mark by gaining Rs. 800 to Rs. 43,050 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet the wedding season demand at the domestic spot market.

Globally, gold rose 0.42 per cent to trade at an almost three-month high of $1,232.90 an ounce and silver by 1.85 per cent to $17.94 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 225 each to Rs. 29,725 and Rs. 29,575 per 10 grams, respectively. It had lost Rs. 400 yesterday.

Sovereign, also traded higher by Rs. 100 at Rs. 24,500 per piece of eight grams.

Tracking gold, silver ready recorded a hefty rise of Rs. 800 to Rs. 43,050 per kg and weekly-based delivery Rs. 760 to Rs. 42,620 per kg.

Silver coins spurted Rs. 1,000 to Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.

Source: BusinessLine