Gold recovers on fresh buying, global cues

Gold prices recovered by Rs 40 to Rs 31,190 per ten gram in the national capital today on fresh buying by stockists, influenced by a firm global trend.
Silver also rose by Rs 210 to Rs 47,760 per kg on increased offtake by industrial units and coin makers.
Traders said fresh buying by stockists for the ongoing marriage season amid a firm global trend boosted the sentiment.
A decline in US home sales revived concern that the economy is weaker than forecast, spurring demand for the metal as a haven asset.
Gold in New York, which normally sets price trend on the domestic front, rose by 0.5 per cent to USD 1,323.60 an ounce and silver by 0.5 per cent to USD 21.81 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 40 each to Rs 31,190 and Rs 30,990 per ten gram, respectively. It had lost Rs 100 yesterday.

Sovereign continued to be asked at last level of Rs 25,400 per piece of eight gram.
In line with a general firm trend, silver ready advanced by Rs 210 to Rs 47,760 per kg and weekly-based delivery by Rs 110 to Rs 47,460 per kg. The white metal had gained Rs 50 in the previous session.
However, silver coins held steady at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces in restricted buying.