Gold, silver prices rise on buying by jewellers

Gold prices recovered marginally by Rs 20 to Rs 26,450 per 10 grams at the bullion market on Wednesday on scattered buying by jewellers amid a firm global trend.

Silver also edged higher by Rs 100 to Rs 36,100 per kg on increased offtake by industrial users and coin makers.

Bullion traders said scattered buying by jewellers and retailers amid a firm global trend, where the precious metal recovered from three-month low, helped precious metals to trade higher.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.3 per cent to $1,165.33 an ounce and silver by 0.4 per cent to $15.73 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 20 each to Rs 26,450 and Rs 26,250 per 10 grams, respectively.

It lost Rs 195 on Tuesday.

Sovereign, however, remained stable at Rs 23,600 per piece of eight gram.

In line with a general firm trend, silver ready rebounded by Rs 100 to Rs 36,100 per kg and weekly-based delivery by Rs 95 to Rs 35,785 per kg.

On the other hand, silver coins continued to be traded at last level of Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

Image: A model displays a gold bangle; Photograph: Reuters