Gold price recovers to Rs. 29,350 on spot demand

New Delhi-India (Mar 24)  Gold prices recovered by Rs. 350 to Rs. 29,350 per 10 grams at the bullion market today on increased buying by local jewellers even as the metal weakened overseas.

Silver also edged higher by Rs. 125 to Rs. 41,375 per kg on uptick in demand from industrial units and coin makers.

Traders attributed the recovery in gold prices to increased buying by local jewellers at the domestic spot market but a weak trend overseas capped the rise.

Globally, gold fell 0.22 per cent to Rs. 1,241.90 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 350 each to Rs. 29,350 and Rs. 29,200 per 10 grams, respectively. The metal had lost Rs. 350 yesterday.

Sovereign also traded higher by Rs. 100 to Rs. 24,400 per piece of eight gram.

Following gold, silver ready moved up by Rs. 125 to Rs. 41,375 per kg and weekly-based delivery by Rs. 60 to Rs. 41,260 per kg.

Silver coins, however, remained unaltered at Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.

Source: BusinessLine