Gold prices recover by Rs225, silver tops Rs43,000

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New Delhi: Gold regained its glitter by surging Rs225 to Rs29,725 per 10 grams at the bullion market on Saturday, tracking a firm trend overseas amid pick-up in buying by local jewellers to meet wedding season demand.

Bullion traders attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet the wedding season demand at domestic spot market.

Globally, gold rose by 0.42% to trade at almost three-month high of $1,232.90 an ounce and silver by 1.85% to $17.94 an ounce in New York yesterday.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs225 each to Rs29,725 and Rs29,575 per 10 grams, respectively. It had lost Rs400 yesterday. Sovereign, also traded higher by Rs100 at Rs24,500 per piece of eight grams.

Tracking gold, silver ready recorded a hefty rise of Rs800 to Rs43,050 per kg and weekly-based delivery Rs760 to Rs42,620 per kg. Silver coins, spurted by Rs1,000 at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.