Gold recovers on scattered buying by jewellers

Silver reclaimed the Rs 40,000-mark on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to scattered buying by local jewellers, but a weak trend overseas capped the gains.

Globally, gold fell 0.26 per cent to USD 1,327.90 an ounce and silver by 0.18 per cent to USD at 16.56 an ounce in Singapore as a stronger dollar reduced appeal of the precious metals as a safe haven.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 130 each to Rs 31,480 and Rs 31,330 per 10 grams, respectively. The precious metals had lost Rs 450 in the previous three sessions.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

Silver ready spurted by Rs 1,165 to Rs 40,550 per kg and weekly based delivery by Rs 170 to Rs 38,510 per kg.

Silver coins, however, remained flat at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.