Gold perks up on jewellers’ buying; silver remains weak

New Delhi: After two days of losses, gold prices recovered by Rs 25 to Rs 31,075 per ten grams at the bullion market today on scattered buying by jewellers at domestic spot market to meet retailers’ demand even as the metal weakened overseas.

Silver, however, remained under pressure and lost another Rs 350 to Rs 46,500 per kg.

Traders said some buying by jewellers to meet festive season demand from retailers led to the recovery in gold prices.

However, a weak trend overseas capped the rise.

Globally, gold fell by 0.19 per cent to USD 1,335.70 an ounce and silver by 1.31 per cent to USD 19.64 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 25 each to Rs 31,075 and Rs 30,925 per 10 grams, respectively. The metal had lost Rs 230 in the previous two sessions.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams in scattered deals.

On the other hand, silver ready dropped further by Rs 350 to Rs 46,500 per kg and weekly-based delivery by Rs 430 to Rs 46,125 per kg.

However,, silver coins continued to be traded at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
PTI