Gold prices recover on wedding season demand

Gold prices recovered by Rs 20 to Rs 26,900 per ten grams at the bullion market in New Delhi on Thursday on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.

Silver rose by Rs 100 to reclaim the Rs 37,000-mark on increased offtake by industrial units.

Traders said scattered demand from jewellers and retailers in view of wedding season helped gold prices to recover but a weak trend in global markets limited the gains.

Globally, gold declined by 0.40 per cent to $1,204.69 an ounce in Singapore.

In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs 20 each to Rs 26,900 and Rs 26,700 per ten grams, respectively, while sovereign held steady at Rs 23,700 per piece of eight grams.

Silver ready also moved up by Rs 100 to close at Rs 37,000 per kg and weekly-based delivery by Rs 580 to Rs 36,650 per kg on speculative buying.

Meanwhile, silver coins ruled steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces in restricted activity at existing higher levels.