Gold, silver recover on festive season demand

Gold prices recovered by Rs 70 to Rs 27,300 per ten grams in the national capital today on pick up in festive season demand.

Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold and silver prices to pick up in festive season demand.

They said weak rupee against the American currency that made the imports of dollar-quoted gold costlier, also influenced bullion prices.

In Delhi, gold of 99.9 and 99.5 per cent purity traded Rs 70 each higher at Rs 27,300 and Rs 27,100 per ten grams respectively. It had lost Rs 320 in the previous session.

Sovereign, however, remained steady at Rs 24,200 per piece of eight gram in scattered deals.

Silver ready moved up by Rs 65 to Rs 39,600 per kg while weekly-based delivery ruled steady at Rs 39,170 per kg on lack of speculators' support. The white metal had lost Rs 365 in last trade.
Silver coins, however, continued to be enquired at last level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.