Gold prices break 2-day slide, recover Rs20 on jewellers’ buying

New Delhi-India (Jan 21)  Gold prices recovered by Rs20 to Rs30,850 per 10 grams on Saturday, tracking a better trend overseas amid fresh buying by jewellers.The rise followed two sessions of back-to-back losses.

Traders said besides a firm trend overseas, pick-up in buying by local jewellers to meet wedding season demand at the domestic spot market, mainly led to the rise in gold prices.

Globally, gold rose 0.32% to $1,330.60 an ounce and silver by 0.38% to $17.00 an ounce in New York in yesterday’s trade supported by a weaker dollar.

In the national capital, gold of 99.9% and 99.5% purity traded higher by Rs20 each to Rs30,850 and Rs30,700 per 10 grams, respectively. The precious metal had lost Rs270 over the last two days. Sovereign, however, remained unchanged at Rs24,800 per piece of eight grams.

In sync with gold, silver ready prices went higher by Rs50 to Rs39,900 per kg on the back of pick-up in demand from consuming industries, while weekly-based delivery slipped Rs120 to Rs38,870 per kg. Silver coins, however, continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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