Gold, silver recover on jewellers demand

Gold prices recovered by Rs 40 to Rs 27,070 per ten gram in the national capital on Monday on the back of pick up in buying by jewellers and retailers even as it weakened overseas.

Silver followed suit and traded Rs 90 higher at Rs 38,290 per kg on increased offtake by industrial units and coin makers.

Traders said some buying support from jewellers and retailers mainly led to the recovery in precious metals prices but a weak trend overseas capped the gains.

Globally, gold lost as much as 0.70 per cent to $1,183.40 an ounce in Singapore, a level last seen on December 31.

In Delhi, gold of 99.9 and 99.5 per cent purity were up by Rs 40 each to Rs 27,070 and Rs 26,870

per ten gram respectively.

It had lost Rs 440 in the previous session on Saturday.

Sovereign held steady at Rs 24,100 per piece of eight gram in limited deals.

Silver ready moved up by Rs 90 to Rs 38,290 per kg and weekly-based delivery by Rs 5 to Rs 37,890 per kg.

On the other hand, silver coins spurted by Rs 1,000 to Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.