Gold recovers Rs 50, silver loses Rs 925

Gold, which had lost Rs 350 in the last three sessions, gained on revival of buying at low levels amid a firming global trend where Europe's debt crisis spurred the demand for the metal as a safe haven, traders said.

In New York, gold rose by 0.1 per cent to USD 1,566.90 an ounce.

Silver prices declined on reduced offtake by industrial units and coin makers, they added. The metal has declined by Rs 1,900 in last three trading sessions.

On the domestic front, gold of 99.9 and 99.5 per cent purity gained by Rs 50 each to Rs 30,450 and Rs 30,250 per 10 grams, respectively.

Sovereign added Rs 50 to Rs 24,450 per piece of eight grams.

On the other hand, silver ready remained under selling pressure and lost Rs 925 to Rs 52,975 per kg, while weekly- based delivery rebounded by Rs 700 to Rs 53,800 per kg on speculative buying.

Silver coins remained steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces on restricted buying activity.