Gold, silver recover on pick up in demand

Gold prices recovered by Rs 100 to settle at Rs 27,250 at the bullion market today on fresh buying by jewellers to meet seasonal demand even as the yellow metal weakened overseas. Silver also edged up by 60 to Rs 37,300 per kg on pick up in demand from industrial units and coin makers. Traders said fresh buying by jewellers to meet the festive and wedding season demand mainly supported the recovery in the precious metals prices but a weak trend overseas capped the rise.

Globally, gold fell 0.48 percent to USD 1,177.70 an ounce and silver shed 0.56 percent to USD 16.03 an ounce overnight in New York. In the national capital, gold of 99.9 and 99.5 percent purity rose Rs 100 each to Rs 27,250 and Rs 27,100 per ten grams, respectively. The precious metal had lost Rs 150 yesterday. Sovereign, however, held steady at Rs 22,400 per piece of eight gram. Similarly, silver ready edged higher by Rs 60 to Rs 37,300 per kg and weekly-based delivery by Rs 45 to Rs 37,395 per kg. On the other hand, silver coins was unaltered at Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.