Gold recovers on local buying; silver still down

Snapping its three-day long losing streak, gold prices recovered by Rs 40 to Rs 20,600 per 10 grams in the national capital today on local buying support at attracted lower levels.

However, silver remained under selling pressure and lost Rs 75 to Rs 44,625 per kg.

Buying activity in gold picked up as retail customers indulged in buying at existing lower level for the marriage season, traders said.

They said global trend, which normally sets a price trend on the domestic front, failed to influence the trading sentiment in gold.

The metal fell by $1.30 to $1,369.80 an ounce in New York.

On the domestic front, gold of 99.9 and 99.5 per cent purity found fresh local buying at existing lower levels and recovered by Rs 40 each to Rs 20,600 and Rs 20,480 per 10 grams, respectively.

Sovereign, followed suit and rose by Rs 50 to Rs 16,900 per piece of eight grams.

On the other hand, silver remained under selling pressure on the back of weakening global trend. Silver ready fell further by Rs 75 to Rs 44,625 per kg and weekly-based delivery by Rs 110 to Rs 44,235 per kg.

However, silver coins continue to be asked around previous level of Rs 50,200 for buying and Rs 50,300 for selling of 100 pieces.