Gold recovers on low level buying

Snapping its losing streak, gold prices recovered by Rs 40 to Rs 27,240 per 10 grams in New Delhi on Wednesday on emergence of buying at existing lower levels amid a better trend in global markets.

However, silver lacked necessary follow-up support from industrial units and lost Rs 200 to Rs 40,500 per kg.

Marketmen attributed the recovery in gold prices to revival of buying by jewellers and retail customers at prevailing levels.

Besides, a better trend in global markets also supported the upside, they said. Gold in New York, which normally sets price trend in the domestic markets, rose 0.11 per cent to $1,244.90 an ounce in yesterday's trade.

In Delhi, gold of 99.9 and 99.5 per cent purity rose Rs 40 each to Rs 27,240 and Rs 27,040 per 10 grams, respectively. It had lost Rs 300 in last three days.

Sovereign remained flat at Rs 24,400 per piece of eight grams.

On the other hand, silver ready declined by Rs 200 to Rs 40,500 per kg while weekly-based delivery gained Rs 70 to Rs 39,900 per kg.

Silver coins were unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.