Gold, silver recover on wedding season demand, global cues

After two days of losses, gold prices recovered by Rs 90 to Rs 27,880 per ten gram at the bullion market on Tuesday on emergence of buying by jewellers and retailers at existing levels amid a firm global trend.

Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake by industrial units.

Traders said besides revival of buying by jewellers and retailers at current levels to meet wedding season demand, a firm global trend, helped gold prices to recover.

Gold in Singapore, which normally sets price trend on the domestic front, advanced 0.6 per cent to $1,245.98 an ounce and silver added 0.4 per cent to $17.06 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity traded higher by Rs 90 each to Rs 27,880 and Rs 27,680 per ten gram respectively.

The precious metal had lost Rs 510 in last two sessions.

Sovereign, however, held steady at Rs 23,900 per piece of eight gram.

In line with a overall trend, silver ready rebounded by Rs 570 to Rs 38,100 per kg and weekly-based delivery by Rs 565 to Rs 37,715 per kg.

On the other hand, silver coins traded at last level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.