Gold, silver recover on global cues, wedding season demand

Gold prices recovered by Rs 90 to trade at Rs 27,800 per ten gram at the bullion market, tracking a firm global trend along with increased buying by jewellers driven by ongoing wedding season.
Silver also moved up by Rs 250 to Rs 39,650 per kg on increased offtake by industrial units and coin makers.
Bullion traders said, besides a firm global trend, increased buying by jewellers to meet ongoing wedding season demand led to the rise in the precious metals prices.
Gold in New York, which sets price trend on the domestic front, edged up by 0.17 per cent to USD 1223.50 an ounce and silver by 0.29 per cent to USD 17.15 an ounce yesterday.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 90 each to Rs 27,800 and Rs 27,650 per ten gram, respectively. It had lost Rs 180 yesterday.
Sovereign, however, held steady at Rs 23,900 per piece of eight gram in limited deals.
Tracking gold, silver ready rebounded by Rs 250 to Rs 39,650 per kg and weekly-based delivery by Rs 335 to Rs 39,970 per kg.
On the other hand, silver coins moved in a tight range in limited deals and ended steady at Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.