Gold, silver recover on buying at lower levels

Snapping its three-day losing streak, gold prices recovered by Rs 40 to Rs 27,490 per 10 grams in the national capital today on emergence of buying by jewellers and retailers at existing lower levels amid a firm global trend.

Silver followed suit and gained Rs 50 to Rs 38,250 per kg on increased offtake by industrial units.

Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.

Besides, a firming global trend where gold recovered from a two-week low as investors weighed increased physical demand ahead of the US Federal Reserve policy meet at which they are expected to end a bond-buying

programme, boosted the sentiment, they said.

Gold in Singapore, which normally determines price trend on the domestic front, rose by 0.5 per cent to $1,232.40 an ounce and silver by 0.4 per cent to $17.21 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs 40 each to Rs 27,490 and Rs 27,290 per 10 grams, respectively, while sovereign held steady at Rs 24,200 per piece of eight grams.

It had lost Rs 475 in the past three sessions.

Silver ready rose by Rs 50 to Rs 38,250 per kg and weekly-based delivery by Rs 170 to Rs 38,190 per kg.

Silver coins, however, held steady at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.