Gold Recovers on Wedding Season Demand, Global Cues

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New Delhi, Apr 22 (PTI) Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market on the back of buying by jewellers, driven by wedding season amid a firm global trend.

Moreover, weakness in the rupee also influenced prices.

Silver also rebounded by Rs 160 to Rs 36,600 per kg on increased offtake by industrial units and coin makers.

Gold Recovers on Wedding Season Demand, Global Cues

Traders said fresh buying by jewellers to meet wedding season demand and a firm global trend mainly attributed the recovery in gold prices.

Besides, weakness in the rupee that made imports costlier also influenced the precious metal prices.

Meanwhile, rupee was trading 25 paise lower at Rs 63.10 (intraday) at the forex market against the US dollar.

Gold in New York, which normally sets price trend in the domestic market, rose by 0.50 per cent to USD 1,201.80 an ounce and silver by 0.25 per cent to USD 15.98 an ounce in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 100 each to Rs 27,200 and Rs 27,050 per 10 gm, respectively. It had lost Rs 100 yesterday.

Sovereign, however, continued to be traded at last level of Rs 23,700 per piece of eight gram in limited deals.

Tracking gold, silver ready rose by 160 to Rs 36,600 per kg and weekly-based delivery by Rs 60 to Rs 36,185 per kg.

On the other hand, silver coins remained steady at Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.

PTI

Read more about: gold, silver, forex
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