Gold recovers on demand from jewellers, global cues

Snapping its six-day long losing streak, gold prices recovered by Rs 30 to Rs 26,710 per 10 grams at the bullion market today on emergence of buying by jewellers and retailers at prevailing levels amid a better global trend.
Silver also rebounded by Rs 210 to Rs 36,400 per kg on increased offtake by industrial units and coin makers.
Bullion traders said emergence of buying by jewellers and retailers at existing levels amid a positive global trend mainly attributed recovery in gold prices.
Globally, gold edged up 0.11 per cent to USD 1,174.20 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 30 each to Rs 26,710 and Rs 26,560 per 10 grams respectively. The precious metals had lost Rs 520 in the previous six sessions.
Sovereign, however, continued to be traded at previous level of Rs 23,300 per piece of eight gram.
In line with overall trend, silver ready rebounded by Rs 210 to Rs 36,400 per kg, while silver weekly-based delivery shed Rs 20 at Rs 35,965 per kg on lack of speculators buying.
On the other hand, silver coins was well maintained at Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.