Gold recovers on jewellers buying

Gold prices edged up by Rs 45 to Rs 27,270 per ten grams at the bullion market on Tuesday on scattered buying by jewellers at prevailing levels even as the metal weakened overseas.

Silver also rebounded by Rs 200 to Rs 38,600 per kg on increased offtake by industrial units.

Traders said fresh buying by jewellers at existing levels helped gold prices to recover from three-week lows but weak trend overseas, restricted the rise.

Globally, gold was traded a shade lower at $1,188.14 an ounce from $1,189.20 on Monday and silver fell 0.3% to $16.71 an ounce in Singapore.

Meanwhile, the government reduced the import tariff value of gold to $385 per 10 grams from $398 on Monday . The import tariff on silver has also been cut to $544 per kg from $567.

In the national capital, gold of 99.9% and 99.5% purity rose by Rs 45 each to Rs 27,270 and Rs 27,120 per ten gram, respectively. It had lost Rs 105ON Monday.

Sovereign, however, continued to be traded at previous level of Rs 23,700 per piece of eight gram.

In a similar manners, silver ready moved up by Rs 200 to Rs 38,600 per kg and weekly-based delivery by Rs 140 to Rs 38,320 per kg.

On the other hand, silver coins held unchanged at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.