Gold recovers on marriage season demand; silver remains weak

May 9, 2014

New Delhi-India (May 9)  Gold prices recovered by Rs 80 to Rs 30,480 per 10 grams in the national capital on Friday on increased demand from stockists and retailers, driven by ongoing wedding season.

However, silver remained under pressure and lost another Rs 230 to Rs 41,770 per kg on reduced offtake by industrial units and coin makers.

Traders attributed the rise in gold prices to increased buying by stockists and retailers to meet the wedding season demand.

However, silver and its coins suffered losses due to reduced offtake by industrial units and coin makers.

In Delhi, gold of 99.9 and 99.5 per cent purity traded higher by Rs 80 each to Rs 30,480 and Rs 30,280 per 10 grams, respectively. It had lost Rs 350 on Thursday.

Sovereign, however, remained steady at Rs 25,100 per piece of eight grams.

On the other hand, silver ready fell further by Rs 230 to Rs 41,770 per kg and weekly-based delivery by a similar margin to Rs 41,670 per kg.

The white metal had plunged by Rs 800 in the previous session.

Silver coins also dropped by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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