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Gold prices recover by Rs 100 on firming global trend

Gold prices gained Rs 100 in New Delhi on the back of firming global trend. On the other hand, silver lost Rs 60 on the lack of follow up support.

twitter-logo PTI   New Delhi     Last Updated: May 29, 2013  | 18:14 IST

Gold prices gained Rs 100 in New Delhi on Wednesday on the back of firming global trend. On the other hand, silver lost Rs 60 on the lack of follow up support.

Traders said prices of the yellow metal rose on fresh buying by retailers and stockists, driven by a firming global trend, where the metal rose as lower prices lured some investors.

Gold in Singapore, which normally sets price trend in domestic markets here, climbed 0.7 per cent to $1,390.30 an ounce after losing 1.5 per cent on Tuesday.

Traders said silver remained weak on lack of necessary follow up support from industrial units and coin makers as the metal in overseas markets recorded its fourth consecutive monthly loss, the worst run since June.

In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 10 each to Rs 27,050 and Rs 26,850 per ten gram, respectively.

Sovereign held unchanged at Rs 23,700 per piece of eight gram.

However, silver ready lost Rs 50 to Rs 43,940 per kg and weekly-based delivery by Rs 150 to Rs 43,210 per kg on reduced offtake by speculators. Silver coins continued to be asked at last level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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