Gold prices recover by Rs75 to Rs30,350 on local buying, global cues

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New Delhi: Gold prices recovered by Rs75 to Rs30,350 per 10 grams in Delhi bullion market on Saturday on increased buying by local jewellers amid positive leads from global markets.

Traders said that apart from a firm trend overseas, increased buying by local jewellers to meet wedding season demand at domestic spot markets led to rise in gold prices.

Globally, gold rose 0.55% to $1,273.20 an ounce and silver by 0.45% to $16.84 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9% and 99.5% purity went up by Rs75 each to Rs30,350 and Rs30,200 per 10 grams respectively. The precious metals had lost Rs275 in yesterday’s trade. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.

Following gold silver ready rebounded by Rs275 to Rs40,200 per kg, while weekly-based delivery shed Rs20 to Rs39,150 per kg. On the other hand, coins maintained a steady trend at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.