Gold recovers on fresh demand; silver remains weak

New Delhi-India (Dec 21)  Gold prices recovered by Rs 85 to Rs 27,310 per ten grams at the bullion market in the national capital on emergence of buying by jewellers and retailers at prevailing levels even as the precious metal weakened overseas.

However, silver remained under pressure on sluggish demand from consuming industries and fell by Rs 460 to Rs 36,140 per kg.

Traders said emergence of buying by jewellers and retailers at current levels mainly supported the upside in gold prices but a weak trend in gold in global market limited the gains.

Globally, gold traded a shade lower at USD 1,194.20 an ounce in New York yesterday.

In Delhi, gold of 99.9 and 99.5 per cent purity prices were up by Rs 85 each to Rs 27,310 and Rs 27,110 per ten grams respectively.

Sovereign, however, continued to be traded at last level of Rs 23,700 per piece of eight gram.

Silver ready declined further by Rs 460 to Rs 36,140 per kg on reduced offtake by consuming industries but silver weekly based delivery rose by Rs 330 to Rs 36,940 per kg on speculative buying.

Silver coins also dropped Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.