Gold, silver up on scattered buying, global cues

Mumbai-India (Feb 13)  Gold prices recovered by Rs. 50 to Rs. 30,800 per ten gram in the national capital today on scattered buying amid a firm global trend.
Silver also rose by Rs. 260 to Rs. 45,200 per kg on fresh buying by stockists and industrial units for the ongoing marriage season.

However, gold of 99.9 and 99.5 per cent purity in Mumbai declined by Rs. 60 each to Rs. 30,480 and Rs. 30,330 per ten gram, respectively; while silver rebounded by Rs. 150 to Rs. 45,750 per kg.

Traders said scattered buying for the ongoing marriage season and a firm global trend mainly led the recovery in the precious metals.

Gold in New York, which normally sets price trend on the domestic front, traded marginally up 0.07 per cent to $1,291.80 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs. 50 each to Rs. 30,800 and Rs. 30,600 per ten gram respectively, while sovereign met with resistance and declined by Rs. 50 to Rs. 25,300 per piece of eight gram.

In a line with a general firm trend, silver ready rose by Rs. 260 to Rs. 45,200 per kg and weekly-based delivery by Rs. 120 to Rs. 44,760 per kg.

Meanwhile, silver coins remained steady at Rs. 86,000 for buying and Rs. 87,000 for selling of 100 pieces.