Gold, silver recover on buying by jewellers, retailers

After two days of losses, gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers and retailers even as the precious metal weakened overseas.

Silver also gained Rs 250 at Rs 39,050 per kg on increased offtake by industrial units and coin makers.

Traders said emergence of buying by jewellers at prevailing levels snapped the two-day falling trend.

They said, however, a weak trend in global markets as prospects for the first US interest rate rise since 2006 helped to push the dollar to a one-month high, reducing appeal for gold as a safe haven, capped the gains on the domestic market.

In Singapore, gold fell by 0.14 per cent to USD 1,204.20 an ounce and silver by 0.5 per cent to USD 16.99 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity was up by Rs 25 each to Rs 27,475 and Rs 27,325 per 10 grams, respectively.

It has lost Rs 200 in last two days. The Sovereign remained unchanged at Rs 23,800 per piece of eight grams.

In a similar fashion, silver ready rose by Rs 250 to Rs 39,050 per kg and weekly-based delivery by Rs 200 to Rs 39,025 per kg.

Silver coins remained unchanged at Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.

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