Wedding season revives gold prices, silver still weak

Traders attributed the recovery in gold prices to emergence of buying by stockists and jewellery fabricators to meet season demand

Snapping its two-day falling trend, gold prices rebounded by Rs 185 to Rs 30,585 per 10 grams in the national capital today on revival of buying, driven by ongoing wedding season demand.

Silver, however, remained under selling pressure and lost Rs 420 to Rs 42,080 per kg.

Traders attributed the recovery in gold prices to emergence of buying by stockists and jewellery fabricators to meet wedding season demand.

However, a weak trend overseas, limited the gains, they said.

Globally, gold fell 0.61% to USD 1,283.40 an ounce and silver shed 0.65% to USD 19.02 an ounce in Singapore.

In Delhi, gold of 99.9 and 99.5% purity recovered by Rs 185 each to Rs 30,585 and Rs 30,385 per 10 grams, respectively. It had lost Rs 330 in last two days. Sovereign, also moved up by Rs 100 to Rs 25,100 per piece of eight grams.

On the other hand, silver ready plunged by Rs 420 to Rs 42,080 per kg and weekly-based delivery by Rs 370 to Rs 41,330 per kg. The white metal had tumbled by Rs 900 yesterday.

Meanwhile, silver coins held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.