Gold prices recover, spurts Rs 350 on retail buying
After facing four-year lows, gold prices jumped Rs 350 to close at Rs 25,400 per 10 grams at the bullion market on Saturday largely on buying by jewellers despite weak trends in global markets.
Silver also recovered from nearly five-year lows by gaining Rs 100 to Rs 34,050 per kg on increased offtake by industrial units and coin makers.
Bullion traders attributed rebound in gold prices to emergence of buying by jewellers as well as retailers at prevailing lower levels.
In the national capital, gold of 99.9% and 99.5% purity surged by Rs 350 to Rs 25,400 and Rs 25,250 per ten grams respectively.
Sovereign followed suit and recovered by Rs 100 to Rs 22,300 per piece of eight gram.
Following gold, silver ready edged up by Rs 100 to Rs 34,050 per kg, while weekly-based delivery eased by Rs 45 to Rs 33,700 per kg.
Silver coins spurted by Rs 1,000 to Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.