Gold bounces back on jeweller-buying, silver remains weak

New Delhi: Gold prices recovered by Rs 50 to Rs 30,485 per 10 grams at the bullion market on Friday on pick up in buying by local jewellers, shrugging off a weak trend overseas.

Silver, however, remained under selling pressure and slipped below the Rs 39,000-mark by falling Rs 150 to Rs 38,850 per kg.

Traders said fresh buying by local jewellers at the domestic spot market led to the recovery in gold prices, but a weak trend overseas capped the rise.

Globally, gold fell 0.05 per cent to USD 1,206.50 an ounce and silver shed 0.03 per cent to USD 15.28 an ounce in Singapore.

A depreciating rupee against the dollar made imports of gold costlier, which supported the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 50 each to Rs 30,485 and Rs 30,335 per 10 grams, respectively. It had lost Rs 365 in yesterday's trade.

Sovereign gold, however, remained flat at Rs 24,600 per piece of eight grams.

On the other hand, silver ready drifted further down by Rs 150 to Rs 38,850 per kg and weekly-based delivery traded lower by a similar margin to Rs 37,790 per kg.

Silver coins too plummeted by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.