Gold prices recoup, overseas decline caps gains

New Delhi-India (Dec 12)   Gold prices recovered from a 10-month low by rising Rs100 to Rs28,550 per 10 grams, taking its strength from scattered buying by local jewellers even as the metal weakened overseas. Silver too bounced Rs150 to Rs41,400 per kg on increased offtake by industrial units and coin makers. According to traders, mild buying by jewellers to meet the ongoing wedding season demand at the domestic spot market helped the recovery, but a weak trend overseas reined in the upside.

Also read: Gold prices fall to 10-month low on US Federal Reserve rate hike bets

Globally, gold fell 0.33% to $1,155.80 an ounce and silver by 0.27% to $16.77 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity were higher by Rs100 each to Rs28,550 and Rs28,400 per 10 grams, respectively.

It had lost Rs260 in the previous two sessions. Sovereign, however, lost Rs100 at Rs24,100 per piece of eight grams. In line with gold, silver ready recovered Rs150 to Rs41,400 per kg while weekly-based delivery held steady at Rs41,220. On the other hand, silver coins remained unaltered at Rs72,000 for buying and Rs73,000 for selling of 100 pieces.

Source: LiveMint