Gold prices recover on renewed buying, silver remains weak

Mumbai-India (Oct 20)  Gold prices recovered by Rs 80 to Rs 27,230 per ten grams at the bullion market on Tuesday on increased buying by jewellers as well as retailers to meet ongoing festive and wedding season demand amid a firming trend overseas.

Silver remained under selling pressure and shed another Rs 25 to Rs 37,075 per kg on lack of buying support from industrial units.

Traders said fresh purchases by jewellers to meet seasonal demand and a better trend in the precious metals overseas mainly supported the rise in prices.

Globally, gold traded higher at $1,172.40 an ounce in Singapore on Tuesday.

In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 80 each to Rs 27,230 and Rs 27,080 per ten grams, respectively. It shed Rs 100 on Monday.

Sovereign, however, remained steady at Rs 22,400 per piece of eight grams.

On the other hand, silver ready declined by Rs 25 to Rs 37,075 per kg and weekly-based delivery by Rs 45 to Rs 36,935 per kg.

Silver coins continued to be asked at previous level of Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.