Gold, silver gain on seasonal demand, global cues

New Delhi, Feb 6: Both gold and silver recovered in the bullion market here on Monday on increased buying by stockists and jewellery makers to meet the marriage season demand amid a firming global trend.

While gold recovered by Rs 50 to Rs 28,090 per 10 grams, silver traded higher by Rs 60 to Rs 55,710 per kg. Traders said pick-up in buying activity by stockists and jewellery makers, driven by the ongoing marriage season, in tandem with a strong global cues led to the recovery in the precious metals.

In Singapore, gold rose by 0.6 per cent to USD 1,737.15 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity gained by Rs 50 each to Rs 28,090 and Rs 28,950 per 10 grams, respectively. The metal had lost Rs 600 in the previous trading session.

Sovereign remained steady at Rs 23,350 per piece of eight gram. Silver ready also moved up by Rs 60 to Rs 55,710 per kg but weekly-based delivery lacked necessary follow-up support and lost Rs 220 to Rs 55,905 per kg. Silver coins rose by Rs 1,000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.

PTI