Gold, silver recover some lost ground

New Delhi, Jul 23: Gold and silver prices regained some of the lost ground on Saturday on the back of fresh buying by stockists and speculators, driven by a firm trend overseas.

Gold, which had lost Rs 285 in the previous session, recovered by Rs 260 to Rs 23,420 per 10 grams, while silver wiped off Friday, Jul 22 losses of Rs 1,500 by adding Rs 1,600 to Rs 59,000 per kg.

Silver coins followed suit and climbed Rs 2,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.

Trading sentiment bolstered after the precious metals rose, moving closer to their record levels, overseas on rising demand for an investment haven amid persistent debt concerns in the US and Europe.

Gold in global markets, rose by $14.50 to $1,601.50 an ounce, nearing its record level of $1,610.10 set on Jul 19. Silver also moved up by 3 per cent to $40.12 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity jumped up by Rs 260 each to Rs 23,420 and Rs 23,300 per 10 grams, respectively.

Sovereigns followed suit and traded higher by Rs 50 to Rs 18,900 per piece of eight grams.

Similarly, silver ready rebounded by Rs 1,600 to Rs 59,000 per kg and weekly-based delivery by Rs 1,660 to Rs 59,465 per kg.

PTI