Gold recovers by Rs 170; silver down by Rs 500

New Delhi, Oct 1: Snapping a four-day losing streak,

today recovered by Rs 170 to Rs 31,750 per 10 grams on emergence of buying at existing lower levels to meet the coming festival and marriage season demand.

However, silver declined by Rs 500 to Rs 60,500 per kg on reduced offtake by industrial units and coin-makers. Traders said emergence of buying at existing lower levels for the coming festival and marriage season, mainly helped gold prices to recover.

Reduced offtake by industrial units and coin-makers kept pressure on silver prices, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 170 each to Rs 31,750 and Rs 31,550 per 10 grams, respectively.

The precious metal had lost Rs 530 in the last four sessions. Sovereigns remained steady at Rs 25,400 per piece of eight grams. On the other hand, silver ready declined by Rs 500 to Rs 60,500 per kg and weekly-based delivery by Rs 305 to Rs 62,465 per kg.

Silver coins plunged by Rs 1000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

PTI