Gold recovers on wedding season demand, global cues

Gold prices recovered by Rs 70 to Rs 27,300 per ten grammes at the bullion market today on buying by jewellers and retailers to meet wedding season demand as well as better global trend.
Silver, however, held steady at Rs 37,850 per kg on little support from industrial units and coin makers.
Traders said fresh buying by jewellers to meet ongoing wedding session demand and a firming global trend mainly pushed up gold prices.
Gold in London, which normally sets price trend on the domestic front, traded a shade higher at USD 1,186.60 an ounce and silver by 0.31 per cent to USD 16.34 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity moved up by Rs 70 each to Rs 27,300 and Rs 27,150 per ten grammes, respectively. It had lost Rs 120 yesterday.
Sovereign, however, continued to be traded at last level of Rs 23,700 per piece of eight gram in limited deals.
On the other hand, silver ready held steady at Rs 37,850 per kg, while weekly-based delivery declined by Rs 200 to Rs 37,815 per kg owing to lack of buying support.
Silver coins, however, remained flat at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces in restricted buying at prevailing levels.