Gold recovers on seasonal demand global cues; silver steady

Gold prices recovered by Rs 60 to Rs 30,350 per 10 grams in the national capital today on stockists buying for seasonal demand amid a firm global trend.
However, silver held steady at Rs 43,600 per kg on lack of buying support from industrial units and coin makers.
Marketmen said stockists buying to meet the ongoing marriage season demand amid a firm global trend as a decline in equity markets increased demand for the precious metal as an alternative investment mainly helped gold to recover.
Gold in New York, which normally sets the price trend on the domestic front, rose by 0.3 per cent to USD 1,245.90 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity gained Rs 60 each to Rs 30,350 and Rs 30,150 per 10 grams, respectively. It had lost Rs 310 yesterday. Sovereign, however, continued to be asked at last level of Rs 25,250 per piece of eight grams in limited deals.
On the other hand, silver ready held steady at Rs 43,600 per kg while weekly-based delivery shed Rs 15 to Rs 43,300 per kg. The white metal had lost Rs 900 in last trade.
Silver coins dropped by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.