Gold Price & silver price recover on global cues, wedding season demand

New Delhi-India (Apr 16)  After two days of losses, gold today regained its glitter by surging Rs 210 at Rs 27,080 per 10 grams at the bullion market on positive global cues amid pick-up in demand from jewellers at prevailing levels.

Silver also gained Rs 200 at Rs 37,000 per kg on increased offtake by industrial units and coin makers.

Traders said a firm global trend, where gold recovered from a two-week low after reports showed signs of uneven expansion in US economy, boosting speculation that the Federal Reserve may push back the timing of the first interest rate increase since 2006, mainly boosted the sentiments here.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.4 per cent to USD 1,207.70 an ounce and silver by 0.3 per cent to USD 16.40 an ounce.

Besides, emergence of buying by jewellers and retailers to meet wedding season demand, supported the upside.

In the national capital, gold of 99.9 and 99.5 per cent purity flared up by Rs 210 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively. It had lost Rs 250 in last two days.

The Sovereign moved up by Rs 100 to Rs 23,700 per piece of eight grams.

In a similar fashion, silver ready rose by Rs 200 to Rs 37,000 per kg and weekly-based delivery by Rs 325 to Rs 36,670 per kg.

Silver coins spurted by Rs 1,000 to Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

Source: FinancialExpress