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Gold prices recovered by Rs 50 to Rs 30,550 per 10 grams at the bullion market today, driven by a firm trend overseas amid fresh buying by local jewellers. However, silver remained under selling pressure and lost another Rs 250 to Rs 40,450 per kg.
Traders said besides a firm trend overseas, as the dollar eased ahead of a key European Central Bank meeting later in day, pick-up in buying by local jewellers mainly led to the recovery in gold prices. Globally, gold rose 0.1 per cent to $1,278.50 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 50 each to Rs 30,550 and Rs 30,400 per 10 grams, respectively. The precious metal had shed Rs 10 yesterday. Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.
On the other hand, silver ready drifted further lower by Rs 250 to Rs 40,450 per kg and weekly-based delivery by Rs 20 to Rs 39,615 per kg. Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
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