Gold shines on jewellers buying ahead of Akshaya Tritiya

New Delhi: Gold staged a smart recovery at the bullion market on Tuesday, climbing Rs 350 to Rs 32,350 per 10 grams on pick up in buying by local jewellers amid firm global cues. Silver too rebounded by Rs 400 to Rs 40,300 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to increased buying by local jewellers to meet retailers demand ahead of 'Akshya Tritiya' at the domestic spot market and a firm trend overseas following diversion of funds towards the safe-havens.

Globally, gold rose 0.01 per cent to USD 1,345.50 an ounce and silver by 0.06 per cent to USD 16.64 an ounce in New York on Monday.

The rupee's depreciation against the dollar also supported the upmove in the precious metal prices, they said.

At the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 350 each to Rs 32,350 and Rs 32,200 per 10 grams, respectively. It had lost Rs 100 yesterday. Sovereign also gained by Rs 100 to Rs 24,900 per piece of eight grams.

Tracking the movement in gold, silver ready bounced back by Rs 400 to Rs 40,300 per kg and weekly-based delivery by Rs 290 to Rs 39,240 per kg. Silver coins too spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.