Gold up on jewellers buying, global cues; silver remains weak

New Delhi-India (Apr 18)  Gold prices recovered by Rs 85 to trade at Rs 27,075 per 10 gm at the bullion market on buying by jewellers and taking positive cues from the overseas markets.

 Silver remained under pressure and declined by Rs 100 to Rs 36,800 per kg.

 Traders said besides fresh buying by jewellers to meet wedding season demand, a firm global trend mainly contributed to the recovery in gold prices.

 Gold in New York, which normally sets price trend in the domestic market, rose by 0.46 per cent to USD 1,203.30 an ounce in yesterday's trade.

 In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 85 each to Rs 27,075 and Rs 26,925 per 10 gm, respectively. It had lost Rs 90 yesterday.

 Sovereign, however, continued to be traded at last level of Rs 23,700 per piece of eight gram in scattered deals.

 On the other hand, silver ready shed another Rs 100 at Rs 36,800 per kg, while weekly-based delivery inched up by Rs 15 to Rs 36,455 per kg.

 Meanwhile, silver coins, maintained a steady trend at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

Source: BusinessStandard