Gold recovers on retail buying; Silver remains weak

Gold prices recovered by Rs 20 to Rs 30,200 per ten grams in the national capital today on buying by retailers.

However, silver fell further by Rs 400 to Rs 44,500 per kg on reduced offtake by industrial units.

Traders said some buying by retailers helped gold prices to recover while reduced offtake by industrial units kept pressure on silver to surrendered further ground.

Both gold and silver traded lower in Mumbai on fresh selling by stockists. Gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 30,030 and Rs 29,880 per ten grams, respectively, while silver lost Rs 400 to Rs 45,250

per kg.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 20 each to Rs 30,200 and Rs 30,000 per ten grams, respectively.

It had lost Rs 20 on Tuesday.

Sovereign remained steady at Rs 25,100 per piece of eight grams in limited deals.

Silver ready dropped further by Rs 400 to Rs 44,500 per kg and weekly-based delivery by Rs 450 to Rs 44,370 per kg. The white metal had lost Rs 350 in last trade.

Silver coins, however, continued to be asked around previous level of Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.