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Gold recovers on jewellers’ purchases to hit Rs 31,420, silver remains weak

Representative ImageGold prices recovered by Rs 20 to reach Rs 31,420 per 10 grams at the bullion market Saturday, halting its two-day losing streak on scattered buying by local jewellers even as the metal weakened overseas.However, silver remained under selling pressure and lost another Rs 150 to trade at Rs 37,500 per kg.Traders said mild buying by local jewellers at domestic spot market helped the recovery in gold prices but a weak trend overseas capped the gains.Globally, gold fell 0.65 per cent to $1,193.10 an ounce and silver shed 0.78 per cent to $14.03 an ounce in New York in Friday’s trade.In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 20 each to Rs 31,420 and Rs 31,270 per 10 grams, respectively. It had lost Rs 225 in the last two days.ALSO READ: Investors remain bearish on gold ETFs, pull out Rs 450 mn in AugustSovereign, however, remained unaltered at Rs 24,500 per piece of eight grams.On the other hand, silver ready fell further by Rs 150 to Rs 37,500 per kg and weekly-based delivery declined by Rs 215 to Rs 36,995 per kg.Silver coins, however, continued to be asked at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
Source: Business Standard