Gold prices recovered by Rs 110 to Rs 19,140 per ten grams in the national capital on Wednesday on emergence of buying by stockists and jewellers for the ongoing marriage season amid a firming trend overseas.
The sentiment for the precious metal turned bullish on emergence of buying by stockists and jewellery fabricators to meet demand for the ongoing marriage season and a firming trend overseas.
Gold in overseas markets, which normally sets the price trend on the domestic front, rose by USD 2 to 1,242.80 an ounce. Gold of 99.9 per cent purity and 99.5 per cent purity recovered by Rs 110 each to Rs 19,140 and Rs 19,040 per ten grams respectively. However, sovereigns remained steady at Rs 14,700 per piece of eight grams.
On the other hand, silver ready lacked the necessary buying support from industrial units at Tuesday's prices and lost Rs 50 to Rs 29,900 per kg. In contrast, silver weekly-based delivery gained Rs 30 to Rs 29,565 per kg on speculative buying. Silver coins maintained their previous level of Rs 34,600 for buying and Rs 34,700 for selling of 100 pieces.