Gold recovers by Rs 165 to Rs 29,400 on strong global cues

Gold prices recovered sharply by Rs 165 to Rs 29,400 per 10 grams in the national capital on Saturday on the back of brisk buying by stockists to meet Navratra festival demand, triggered by strong global cues.

 

However, silver remained under selling pressure and lost another Rs 70 to Rs 43,480 per kg.

 

Traders said brisk buying by stockists to meet demand related to the ongoing auspicious 'Navratra' festival - an auspicious fortnight in Hindu mythology for making new purchases.

 

Gold in New York, which normally set price trend on the domestic front, rose 1.20 per cent to $1,302.30 an ounce.

 

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 165 each to Rs 29,400 and Rs 29,200 per 10 grams, respectively. It had lost Rs 115 on Friday. 

 

Sovereigns remained steady at Rs 24,900 per piece of 8 grams.

 

On the other hand, silver ready fell further by Rs 70 to Rs 43,400 per kg and weekly-based delivery by Rs 5 to Rs 42,970 per kg. The white metal had lost Rs 380 in last trade.

 

Silver coins remained steady at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.