Gold recovers on low level buying, silver declines

New Delhi: A divergent trend was witnessed in the bullion market today as gold prices recovered by Rs 50 to Rs 28,940 per 10 grams on low level buying by local parties for the marrige season, while silver rates declined.

Gold buying activity picked up as retailers made fresh purchases to meet marriage season demand, traders said. On the other hand, reduced offtake by industrial units and a weakening global trend led to a decline in silver prices, they said.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 50 each to Rs 28,940 and Rs 28,800 per 10 grams, respectively. The metal has lost Rs 360 over the past three trading sessions. Sovereigns remained flat at Rs 23,300 per piece of eight grams on restricted buying.

On the other hand, silver ready fell by Rs 170 to Rs 55,200 per kg and weekly-based delivery by Rs 320 to Rs 54,350 per kg. Rates for silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.