Gold prices rise by Rs 50, silver up Rs 350

Gold prices on Wednesday recovered by Rs 50 to Rs 27,200 per ten gram at the bullion market on buying by jewellers and retailers.

Silver also rebounded by Rs 350 to Rs 37,000 per kg on increased offtake by industrial units and coin makers.

Marketmen said scattered buying by jewellers and retailers and firming global trend supported the gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.5 per cent to $1,206.30 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 50 each to Rs 27,200 and Rs 27,000 per ten gram respectively.

It had lost Rs 60 on Tuesday.

Sovereign, however, remained steady at Rs 23,700 per piece of eight gram in limited deals.

Silver ready rose by Rs 350 to Rs 37,000 per kg and weekly-based delivery by Rs 530 to Rs 37,150 per kg.

Silver coins also spurted by Rs 1,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.