Gold, silver on road to recovery; global leads, buying help

Reversing its three-day losing momentum, gold price recovered by Rs 50 to Rs 31,350 per 10 grams today, with positive global cues doing the job amid scattered buying by jewellers at the domestic spot market.
Silver also surged by Rs 400 to Rs 45,550 per kg on increased offtake by industrial units and coin makers.
Traders said mild buying by jewellers at the domestic spot market, apart from a firm global trend on a weakening dollar, led to the recovery in the precious metal prices.
Globally, gold surged 0.26 per cent to USD 1,324.90 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity were up Rs 50 each to Rs 31,350 and Rs 31,200 per 10 grams, respectively. The metal had lost Rs 300 in the previous three sessions.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams in scattered deals.
Following gold, silver ready shot up Rs 400 to Rs 45,550 per kg and weekly-based delivery by 470 to Rs 45,870 per kg.
On the other hand, silver coin prices were unaltered at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.