Gold rises on scattered buying by jewellers

Gold prices recovered by Rs 25 to Rs 30,825 per 10 grams at the bullion market today on scattered buying by local jewellers even as the precious metal weakened overseas.

Silver, however, remained under selling pressure and shed another Rs 50 at Rs 39,150 per kg due to offtake by industrial units and coin makers.

Traders said mild buying by local jewellers at domestic market supported the recovery in gold prices, but a weak trend overseas, as the dollar firmed on the potential for further US interest rate hikes, capped the gains.

Globally, gold fell 0.64 per cent to USD 1,219.20 an ounce and silver by 1.48 per cent to USD 15.20 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 25 each to Rs 30,825 and Rs 30,675 per 10 grams, respectively. It had lost Rs 350 in the last two days.

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

On the other hand, silver ready drifted further down by Rs 50 to Rs 39,150 per kg, while weekly-based delivery recovered by Rs 25 to Rs 38,315 per kg.

On the other hand, silver coins continued to be enquired at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)