Gold, silver recover on global cues, stockists buying

After witnessing losses for four days, gold prices recovered by Rs 100 to Rs 29,350 per 10 grams in the national capital on Thursday on buying by stockists at existing lower levels amid a firm global trend.

Silver also rebounded by Rs 530 to Rs 43,930 per kg on increased offtake by industrial units and coin makers. It had lost Rs 100 on Wednesday.

Traders said besides low level buying by stockists and retailers amid firm global trend where the precious metal advanced from a seven-week low, mainly boosted the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.3 per cent to $1,293.36 an ounce and silver by 0.2 per cent to $20.02 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 100 each to Rs 29,350 and Rs 29,150 per 10 grams, respectively, after losing Rs 105 in last four days.

Sovereign, however, held steady at Rs 24,900 per piece of eight grams.

Silver ready rebounded by Rs 530 to Rs 43,930 per kg and weekly-based delivery by Rs 690 to Rs 43,330 per kg. Silver coins also spurted by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

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