Gold stages a recovery on global cues

Mumbai: Gold regained its sheen by rising Rs 230 to close at Rs 31,650 per ten grams at the bullion market during the week tracking a firm trend overseas along with pick-up in buying by local jewellers.

Silver, however, ended lower at Rs 40,500 per kg due to reduced offtake by industrial units and coin makers.

Traders said, besides a better trend overseas, increased buying by local jewellers at the domestic markets, mainly attributed to the recovery in gold prices.

Globally, gold ended the week a tad higher at USD 1,254.50 an ounce in New York.

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

In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week lower and slipped further to Rs 31,360 and Rs 31,210 per ten grams respectively on lack of buying support.

Later, it rebounded to Rs 31,690 and Rs 31,540 on firm global cues, before ending at Rs 31,650 and Rs 31,500 per 10 grams, showing a gain of Rs 230 each.

Sovereign, however, moved in a narrow range in limited deals and pegged at previous level of Rs 24,800 per piece of eight grams.

Silver ready ended the week lower by Rs 100 to Rs 40,500 per kg, while weekly-based delivery ended the week higher by Rs 565 to Rs 39,790 per kg in volatile movements on alternate bouts of buying or selling.

Silver coins, however, maintained a steady trend at Rs 75,000 for buying and Rs 75,000 for selling of 100 pieces.