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

New Delhi-India (May 16)  Gold prices recovered by Rs 90 to trade at Rs 27,800 per ten gram at the bullion market, tracking a firm global trend along with increased buying by jewellers driven by ongoing wedding season.

Gold in New York, which sets price trend on the domestic front, edged up by 0.17 per cent to $1223.50 an ounce and silver by 0.29 per cent to $17.15 an ounce on Friday.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 90 each to Rs 27,800 and Rs 27,650 per ten gram, respectively. It had lost Rs 180 on Friday.

Sovereign, however, held steady at Rs 23,900 per piece of eight gram in limited deals.

Tracking gold, silver prices rebounded by Rs 250 to Rs 39,650 per kg and weekly-based delivery by Rs 335 to Rs 39,970 per kg.

On the other hand, silver coins moved in a tight range in limited deals and ended steady at Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.