Gold recovers on wedding season demand; global cues

New Delhi, Nov 18: Gold prices recovered by Rs 40 to Rs 26,800 per ten gram at the bullion market in the national capital today on scattered buying by jewellers and retailers to meet ongoing wedding season demand and a firming global trend.

Silver, however, remained under selling pressure and fell further by Rs 685 to Rs 35,815 per kg. Traders said some buying from jewellers and retailers, driven by ongoing wedding season and a firming global trend where gold rose to over two-week high as a weakening dollar spurred demand for a safe-haven, mainly influenced the sentiment.

Gold in Singapore, which normally determine price trend on the domestic front, gained 0.6 per cent to USD 1,193.45 an ounce. In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 40 each to Rs 26,800 and Rs 26,600 per ten gram respectively.

It had lost Rs 90 in yesterday's trade. Sovereign, however, continued to be traded at the last level of Rs 23,800 per piece of eight gram in limited deals. On the other hand, silver ready fell by Rs 685 to Rs 35,815 per kg, while weekly-based delivery strengthened by Rs 95 to Rs 36,250 per kg on speculators' buying. Meanwhile, silver coins were unaltered at Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

PTI