Gold recovers on Christmas demand, global cues

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Snapping a two-day losing streak, gold prices recovered by Rs 125 to Rs 30,175 per ten grams in the national capital today on Christmas demand coupled with a firm global trend.
Silver followed suit and gained Rs 140 to Rs 43,690 per kg on increased offtake by industrial units.
Traders said besides Christmas demand, firm global trend on speculation that this month's price drop may spur more physical buying mainly led to a recovery in precious metals.
Gold in New York, which normally sets price trend on the domestic front, rose by 0.5 per cent to USD 1,203.30 an ounce and silver by 0.4 per cent to USD 19.48 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 125 each to Rs 30,175 and Rs 29,975 per ten grams, respectively. It had lost Rs 350 in last two trade. Sovereign remained steady at Rs 25,100 per piece of eight gram.
In line with a general firm trend, silver ready rebounded by Rs 140 to Rs 43,690 per kg and weekly-based delivery by Rs 250 to Rs 43,990 per kg. The white metal had lost Rs 400 in the previous two sessions.
Silver coins, however, held steady at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.