Gold price recovers on jewellers buying, global cues

Mumbai-India (Oct 27)  Snapping three-day losing streak, gold prices bounced back on Tuesday to trade higher by Rs 40 to Rs 27,110 at the bullion market on emergence of buying by jewellers at prevailing levels amid a firm global trend.

Silver also settled marginally up by Rs 15 to Rs 37,125 per kg on increased offtake by industrial units and coin makers. Bullion traders said emergence of buying by jewellers at existing levels to meet wedding season demand and a better trend overseas mainly attributed recovery in gold prices.

Globally, gold rose 0.23 per cent to $1,165.60 an ounce and silver by 0.35 per cent to $15.90 an ounce in London in early trade. In the national capital, gold of 99.9 and 99.5 per cent purity edged up by Rs 40 each to Rs 27,110 and Rs 26,960 per ten gram, respectively. It had lost Rs 265 in last three days.

Sovereign, however, remained flat at Rs 22,400 per piece of eight gram. On the other hand, silver ready traded higher by Rs 15 to Rs 37,125 per kg and weekly-based delivery by Rs 25 to Rs 36,975 per kg. Silver coins were unaltered at Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.