Gold, silver recover on fresh buying, global cues

Both the precious metals, gold and silver prices, recovered here today on fresh buying by stockists and retailers for the marriage season amid a firming global trend. While gold rose by Rs 150 to Rs 31,000 per 10 grams, silver gained Rs 400 to Rs 58,800 per kg on increased offtake on jewellers and coin-makers. Traders said fresh buying by stockists and retailers to meet the ongoing marriage season demand amid a firming global trend mainly helped both gold and silver prices to recover after yesterday's losses. Gold in New York, which normally set price trend on the domestic front, rose by USD 4.10 to USD 1677.30 an ounce and silver by 0.09 per cent to USD 31.85 an ounce. Besides, weak equity market forced some investors to pulled out their funds to shift in bullion as a safe haven, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 150 each to Rs 31,000 and Rs 30,800 per 10 grams, respectively. It had lost Rs 100 yesterday. Sovereigns held steady at Rs 25,350 per piece of eight grams. In a similar fashion, silver ready rebounded by Rs 400 to Rs 58,800 per kg and weekly-based delivery by Rs 260 to Rs 58,400 per kg. The white metal had lost Rs 200 in the previous session. Silver coins also climbed by Rs 1000 to Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces on upsurge in marriage season demand.