Gold staged a recovery to close at Rs 29,850 per 10 grams

Gold staged a recovery to close at Rs 29,850 per 10 grams
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Mumbai: Gold staged a recovery to close at Rs 29,850 per 10 grams at the bullion market during the week amid positive global cues and increased buying by local jewellers.

Silver followed suit and ended higher at Rs 38,660 per kg due to increased offtake by industrial units and coin makers.

Marketmen said besides firm trend overseas, increased buying by local jewellers at domestic spot markets led to the recovery in the precious metal prices.

Globally, gold ended the week higher at USD 1,274.50 an ounce and and silver at USD 16.37 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week lower at Rs 29,525 and Rs 29,375 per 10 grams respectively on lack of buying support.

Later, it bounced back to close at Rs 29,850 and Rs 29,700 on firm overseas cues, showing a rise of Rs 300 each. Sovereign also went up by Rs 100 to Rs 24,500 per piece of eight gram.

In volatile movements on alternate bouts of buying and selling, silver ready ended the week higher by Rs 560 to Rs 38,660 per kg and weekly-based delivery by Rs 750 to Rs 37,955 per kg.

On the other hand, silver coins ended flat at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces in limited deals.

PTI