Gold gains by Rs 80 to reach Rs 27, 230, Silver still weak

Ongoing festive season helped gold prices to recover by Rs 80 to reach Rs 27,230 per ten grams as jewellers and retailers increased buying to meet the demand of wedding season. There was also a firming trend in gold overseas and this also helped. 

However, there was no such luck with silver which continued to be under selling pressure and shed another Rs 25 to Rs 37,075 per kg on lack of buying support from industrial units. 

Gold traders were of the opinion that fresh purchases by jewellers to meet seasonal demand and a better trend in the precious metals overseas mainly supported the rise in prices. 

Meanwhile, globally, gold traded higher at USD 1,172.40 an ounce in Singapore on Tuesday. 

In Delhi gold of 99.9 and 99.5 per cent purity rebounded by Rs 80 each to Rs 27,230 and Rs 27,080 per ten grams, respectively. It shed Rs 100 on Monday.  Sovereign, however, remained steady at Rs 22,400 per piece of eight grams. 

However, silver declined by Rs 25 to Rs 37,075 per kg and weekly-based delivery by Rs 45 to Rs 36,935 per kg. Silver coins continued to be asked at previous level of Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.