Gold prices recover on global cues, jewellers' buying

Gold prices rebounded by Rs 75 to Rs 30,450 per 10 grams at the bullion market today, tracking positive global cues and fresh buying by local jewellers.

Silver also recovered by Rs 100 to Rs 40,100 per kg following increased offtake by industrial units and coin makers.

Marketmen said a firm trend overseas as investors awaited further clues on the US Federal Reserve's plan for interest rates from key non-farm payrolls report due this week influenced gold prices here.

Furthermore, increased buying by local jewellers to meet festive season demand too supported the upside, they added.

Globally, gold rose by 0.03  per cent to USD 1,268.20 an ounce and silver by 0.06 per cent to USD 16.59 an ounce in London.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 75 each to Rs 30,450 and Rs 30,300 per 10 grams, respectively. It had lost Rs 225 in yesterday's trade.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams in scattered deals.

Silver ready edged up by Rs 100 to Rs 40,100 per kg and weekly-based delivery by Rs 50 to Rs 39,140 per kg.

On the other hand, silver coins remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.