Gold prices recover by Rs 225, silver tops Rs 43,000

Gold regained its glitter by surging Rs 225 to Rs 29,725 per 10 grams at the bullion market on Saturday, tracking a firm trend overseas amid pick-up in buying by local jewellers to meet wedding season demand.

Silver also reclaimed the Rs 43,000-mark by gaining Rs 800 to Rs 43,050 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet the wedding season demand at domestic spot market.

Globally, gold rose by 0.42 per cent to trade at an almost three-month high of $1,232.90 an ounce and silver by 1.85 per cent to $17.94 an ounce in New York on Friday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 225 each to Rs 29,725 and Rs 29,575 per 10 grams, respectively. It had lost Rs 400 on Friday.

Sovereign, also traded higher by Rs 100 at Rs 24,500 per piece of eight grams.

Tracking gold, silver ready recorded a hefty rise of Rs 800 to Rs 43,050 per kg and weekly-based delivery Rs 760 to Rs 42,620 per kg.

Silver coins, spurted by Rs 1,000 at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.