Gold prices recover on positive global cues

New Delhi, July 29: Gold prices recovered by Rs 40 to Rs 30,780 per 10 grams at the bullion market on Saturday, taking positive leads from global market amid fresh buying by local jewellers.

Silver also recovered by Rs 25 to Rs 39,225 per kg on increased offtake by industrial units and coin makers.

Marketmen said firm global cues where gold inched up as the US dollar slid lower after strong US economic growth data while concerns remain about trade tensions between the US and Europe, attributed the recovery in gold prices.

Globally, gold rose by 0.07 per cent to USD 1,223.20 an ounce and silver by 0.75 per cent to USD 15.47 an ounce in New York in yesterday's trade.

In addition, pick-up in buying by local jewellers at domestic spot market also supported the upmove, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 40 each to Rs 30,780 and Rs 30,630 per 10 grams, respectively. It had lost Rs 190 in yesterday's trade.

Sovereign, however, remained unaltered at Rs 24,700 per piece of eight grams in scattered deals.

Tracking gold, silver ready also recovered by Rs 25 to Rs 39,225 per kg and weekly-based delivery by Rs 130 to Rs 38,325 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.