Gold recovers on seasonal demand, global cues

New Delhi: In a mixed pattern of trading, gold prices recovered by Rs 100 to Rs 27,300 per 10 grams at the bullion market today on seasonal demand from jewellers and retailers amidst a firming global trend.

Silver, however, remained under selling pressure and moved further down by Rs 350 to Rs 36,700 per kg.

Traders said besides increased buying by jewellers and retailers to meet seasonal demand, a firm global trend as the US Federal Reserve concludes two-day policy meeting, influenced gold prices.

Gold in Singapore, which normally sets price trend on the domestic front, traded a shade higher at $1,197.28 an ounce from $1,197.01 yesterday.

In Delhi, gold of 99.9 and 99.5 per cent purity was up by Rs 100 each to Rs 27,300 and Rs 27,100 per 10 grams, respectively. It had lost Rs 180 yesterday.

Sovereign, however, held steady at Rs 23,700 per piece of eight grams.

On the other hand, silver ready remained weak and fell further by Rs 350 to Rs 36,700 per kg and weekly-based delivery by Rs 615 to Rs 36,775 per kg.

Silver coins dropped by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.