Gold recovers on scattered buying, up Rs 40

Gold today recovered by Rs 40 to Rs 27,880 per 10 grams, on scattered buying by stockists despite weak global cues. However, silver fell by Rs 200 to Rs 52,000 per kg on reduced offtake by industrial units.

Traders said scattered buying by stockists and investors mainly led to recovery in gold prices.

Reduced offtake by industrial units mainly kept pressure on the silver prices, they said.

On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs 40 each to Rs 27,880 and Rs 27,740 per 10 grams, respectively. The metal had lost Rs 200 yesterday. Sovereigns remained steady at Rs 23,300 per piece of eight grams in limited deals.

On the other hand, silver ready remained under selling pressure and lost another Rs 200 to Rs 52,000 per kg, while weekly-based delivery gained Rs 90 to Rs 52,890 per kg on speculative buying.

Silver coins dropped by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces on account of sluggish demand at prevailing higher levels.