Gold price up Rs 25 on strong global cues, silver price gains Rs 200

Snapping a three-day losing trend, gold prices recovered by Rs 25 to Rs 30,935 per 10 grams here today on buying by stockists and retailers at existing lower levels, amid a firm global trend.

Silver followed suit and advanced by Rs 200 to Rs 59,600 per kg on increased demand from industrial units and coin manufacturers.

Traders said revival of buying by stockists and retailers at existing lower levels for the marriage season amid a firm global trend, mainly led to the recovery in gold prices.

In Singapore, gold rose by 0.4 per cent to USD 1,691.50 an ounce and silver by 0.8 per cent to USD 32.11 an ounce.

Increased demand from industrial units and coin makers helped silver prices to trade higher, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 25 each to Rs 30,935 and Rs 30,735 per 10 grams, respectively. The metal had lost Rs 415 in last three sessions. Sovereigns remained steady at Rs 25,400 per piece of eight grams in limited deals.

In line with a general firming trend, silver ready advanced by Rs 200 to Rs 59,600 per kg and weekly-based delivery by Rs 225 to Rs 59,600 per kg.

Silver coins also spurted by Rs 1,000 to Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces on account of a rise in marriage season demand.

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