Gold, silver regain on jewellers buying

Gold prices recovered by Rs 105 to Rs 27,180 per 10 grams at the bullion market on Monday on increased buying by jewellers even as the metals weakened overseas.

Silver also rebounded by Rs 140 to Rs 37,050 per kg on increased offtake by industrial units including coin makers.

Traders said increased buying by jewellers mainly led to the recovery in the precious metals prices.    

However, a weak global trend due to strengthening of dollar after negotiations between Greece and its creditors failed, reduced the demand for the safe haven and capped the rise in prices.

Globally, gold fell by 0.32 per cent to $1177.50 an ounce and silver by 0.44 per cent to $15.98 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 105 each to Rs 27,180 and Rs 27,030 per 10 grams, respectively.

It had lost Rs 55 on Saturday.    

Sovereign, however, held steady at Rs 23,300 per piece of eight gram.

Silver ready rose by Rs 140 to Rs 37,050 per kg and weekly-based delivery by Rs 75 to Rs 36,670 per kg.      

On the other hand, silver coins continued to be traded at previous level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.