Gold recovers by Rs 110, silver down by Rs300
Buying activity in gold picked up, as the metal gained in London on easing concern over Europe`s debt crisis and increased domestic demand ahead of `Diwali`. Gold in overseas markets, which normally sets the price trend on the domestic front, gained USD 7.74 to USD 1,675.88 an ounce in London. Some local buying for the ongoing festive and wedding season further supported the uptrend in the precious metals. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 110 each to Rs 27,120 and Rs 26,980 per 10 grams, respectively. It had lost Rs 180 yesterday.
However, sovereigns lacked necessary follow-up support at prevailing higher levels and shed Rs 50 to Rs 22,000 per piece of eight grams.
On the other hand, silver ready fell further by Rs 300 to Rs 53,800 per kg and weekly-based delivery by Rs 400 to Rs 53,210 per kg, respectively. Silver coins remained steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.