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Gold recovers to Rs 31,190 on fresh buying, global cues

Gold recovers to Rs 31,190 on fresh buying, global cues

Silver also rose by Rs. 210 to Rs. 47,760 per kg on increased offtake by industrial units and coin makers. Fresh buying by stockists for the ongoing marriage season amid a firm global trend boosted the sentiment, traders said.

Gold prices recovered by Rs. 40 to Rs. 31,190 per 10 grams in the national capital on Saturday on fresh buying by stockists, influenced by a firm global trend.

Silver also rose by Rs. 210 to Rs. 47,760 per kg on increased offtake by industrial units and coin makers. Fresh buying by stockists for the ongoing marriage season amid a firm global trend boosted the sentiment, traders said.

A decline in US home sales revived concern that the economy is weaker than forecast, spurring demand for the metal as a haven asset.

Gold in New York, which normally sets price trend on the domestic front, rose 0.5 per cent to $1,323.60 an ounce, while silver increased 0.5 per cent to $21.81 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs. 40 each to Rs. 31,190 and Rs. 30,990 per 10 grams, respectively. It had lost Rs. 100 on Friday.

Sovereign continued to be asked at last level of Rs. 25,400 per piece of 8 grams.

In line with a general firm trend, silver ready advanced by Rs. 210 to Rs. 47,760 per kg and weekly-based delivery by Rs. 110 to Rs. 47,460 per kg. The white metal had gained Rs. 50 in the previous session.

However, silver coins held steady at Rs. 88,000 for buying and Rs. 89,000 for selling of 100 pieces in restricted buying.