Gold recovers by Rs 60 to Rs 30,510 on jewellers' buying, global cues

Gold prices on Tuesday made a turnaround after three days of losses, recovering by Rs 60 to Rs 30,510 per 10 grams at the bullion market on increased buying by local jewellers amid positive global cues.

Silver recaptured the Rs 41,000-mark per kg by gaining Rs 100 due to increased offtake by industrial units and coin makers.

Traders said besides pick-up in buying by local jewellers at domestic spot market, a firm trend overseas mainly on the back of a slightly weaker dollar, raising appeal of the precious metals, led to the rise in gold prices.

Globally, gold rose 0.16 per cent to $1,282 an ounce and silver went up 0.32 per cent to $17.05 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 60 each to Rs 30,510 and Rs 30,360 per 10 grams, respectively. The precious metal had lost Rs 550 in the previous three days.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight grams.

In line with the overall trend, silver ready advanced by Rs 100 to Rs 41,000 per kg, while weekly-based delivery plunged by Rs 805 to Rs 39,905 per kg on lack of speculators' buying support.

Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.