Gold breaks 2-day slide, recovers Rs 20 on jewellers’ buying

Gold breaks 2-day slide, recovers Rs 20 on jewellers’ buying
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New Delhi: Gold prices recovered by Rs 20 to Rs 30,850 per 10 grams on Saturday, tracking a better trend overseas amid fresh buying by jewellers. The rise followed two sessions of back-to-back losses.

Silver also rose by Rs 50 to Rs 39,900 per kg on increased offtake by industrial units and coin makers.

Traders said besides a firm trend overseas, pick-up in buying by local jewellers to meet wedding season demand at the domestic spot market, mainly led to the rise in gold prices.

Globally, gold rose 0.32 per cent to USD 1,330.60 an ounce and silver by 0.38 per cent to USD 17.00 an ounce in New York in on Friday’s trade supported by a weaker dollar.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity traded higher by Rs 20 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. The precious metal had lost Rs 270 over the last two days.

Sovereign, however, remained unchanged at Rs 24,800 per piece of eight grams.

In sync with gold, silver ready prices went higher by Rs 50 to Rs 39,900 per kg on the back of pick-up in demand from consuming industries, while weekly-based delivery slipped Rs 120 to Rs 38,870 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

PTI