Gold prices rise on wedding season demand, global cues

New Delhi-India (May 6) Gold prices on Tuesday recovered slightly by Rs 20 to Rs 30,700 per ten gram in the national capital on seasonal demand and a firming trend overseas.

On the other hand, silver remained steady at Rs 42,700 per kg in restricted activity.

Traders said besides scattered buying by stockists and retailers to meet the ongoing wedding season demand, a firming global trend where gold advanced to almost three-week high as escalating tension in Ukraine increased demand for a haven, mainly influenced the sentiment in New Delhi.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.2 per cent to $1,312.37 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity traded Rs 20 each higher at Rs 30,700 and Rs 30,500 per ten gram, respectively. It had lost Rs 30 Monday. Sovereign, held steady at Rs 25,150 per piece of eight gram in limited deals.

However, silver ready remained steady at Rs 42,700 per kg in the absence of worthwhile activity, while weekly-based delivery spurted by Rs 510 to Rs 42,600 per kg on speculators buying support.

Meanwhile, silver coins continued to be enquired at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.