Gold prices recover Rs 210 on seasonal demand, global cues

New Delhi, Feb 5: After two days of losses, gold prices recovered by Rs 210 to trade at Rs 28,300 per 10 grams at the bullion market today following emergence of buying by jewellers and retailers to meet ongoing wedding season demand.

Silver followed suit and recovered by Rs 200 to Rs 38,600 per kg on increased offtake by industrial units and coin makers.

Traders said besides fresh buying by jewellers and retailers to meet the wedding season demand, a firm global trend as policy makers in Europe tightened the terms of Greece's bailout, boosted demand for a safe haven.

Gold in Singapore, which normally determines price trend on the domestic front, rose by 0.4 per cent to USD 1,274.18 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 210 each to Rs 28,300 and Rs 28,100 per 10 grams, respectively. It had lost Rs 360 in last two days.

Sovereign, however, remained steady at Rs 24,000 per piece of eight grams. In a similar fashion, silver ready recovered by Rs 200 to Rs 38,600 per kg and weekly-based delivery by Rs 540 to Rs 38,565 per kg on buying by speculators.

On the other hand, silver coins were enquired at last level of Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

PTI