Gold rises to Rs 22.265 on global cues – silver down by Rs1.110

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New Delhi: Gold prices recovered by Rs 25 to Rs 22,265 per 10 grams on Monday on a firming global trend, while silver moved down by Rs 1,110 to Rs 53,300 per kg, due to reduced offtake at existing high levels.

Traders attributed the rise in the yellow metal`s prices to buying by retailers to meet the ongoing marriage season demand along with a firming global trend.

Besides, shifting of funds from weakening equity to rising bullion also supported the uptrend in the prices, they added.

Gold in global markets, which normally sets a price trend on the domestic front, gained USD 2.68, or 0.2 per cent to USD 1,497.70 an ounce in London.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 25 each to Rs 22,265 and Rs 22,145 per 10 grams, respectively.

Sovereigns gained Rs 100 to Rs 18,500 per piece of eight grams.

However, silver ready lacked necessary follow-up support at prevailing high levels and slipped by Rs 1,110 to Rs 53,300 per kg, while weekly-based delivery declined by Rs 910 to Rs 52,900 per kg.

Silver coins also fell by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

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