Gold price recovers on jewellers buying, global cues

Mumbai-India (Jan 23)  Gold prices recovered by Rs 150 to trade at Rs 28,500 per ten gram at the bullion market  on Friday on emergence of buying by jewellers to meet wedding season demand amid a firming trend overseas.

Silver also rebounded by Rs 400 to Rs 40,100 per kg on increased offtake by industrial units and coin makers.

Marketmen said apart from buying by jewellers to meet ongoing wedding season demand, a firming global trend after the European Central Bank's announced a bigger-than-expected stimulus measures, boosting demand for the safe-haven, influenced gold prices in the capital.

Globally, gold rose by by 0.71 per cent to $1,302.10 an ounce and silver by 1.10 per cent to $18.31 an ounce in New York in Thursday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per ten gram respectively. It had lost Rs 150 on Thursday.

Sovereign, however, held steady at Rs 24,000 per piece of eight gram in scattered deals.

Silver ready rose by Rs 400 to Rs 40,100 per kg and weekly-based delivery by Rs 560 to Rs 40,100 per kg.

Silver coins spurted by Rs 1,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.