Gold recovers on 'Navratra' buying, strong global cues

Gold prices recovered sharply by Rs 165 to Rs 29,400 per 10 grams in the national capital today on brisk buying by stockists to meet the ongoing auspicious 'Navratra' festival demand, triggered by strong global cues.
However, silver remained under selling pressure and lost another Rs 70 to Rs 43,480 per kg.
Traders said brisk buying by stockists to meet the ongoing auspicious 'Navratra' festival demand, an auspicious fortnight in Hindu mythology for making new purchases.
Gold in New York, which normally set price trend on the domestic front, rose by 1.20 per cent to USD 1,302.30 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 165 each to Rs 29,400 and Rs 29,200 per 10 grams, respectively. It had lost Rs 115 yesterday. Sovereigns remained steady at Rs 24,900 per piece of eight grams.

On the other hand, silver ready fell further by Rs 70 to Rs 43,400 per kg and weekly-based delivery by Rs 5 to Rs 42,970 per kg. The white metal had lost Rs 380 in last trade.
Silver coins remained steady at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.