Gold, silver recover on festival demand

The prices of gold and silver recovered in the national capital on Saturday on emergence of festival and marriage season demand. Gold prices recovered by Rs. 40 to Rs. 30,350 per ten gram, while silver gained Rs. 230 to Rs. 48,450 per kg on increased offtake.

Traders said sentiment turned slightly better after retailers indulged in buying for “Navratra”, considered to be an auspicious week in Hindu mythology for making new purchases mainly helped precious metals prices to recover.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs. 40 each to Rs. 30,350 and Rs. 30,150 per ten gram, respectively. It had lost Rs. 290 on Friday. Sovereign, however, remained steady at Rs. 25,000 per piece of eight gram.

In line with a general firm trend, silver ready recovered by Rs. 230 to Rs. 48,450 per kg while weekly-based delivery lost Rs. 245 to Rs. 48,195 per kg. The white metal had lost Rs. 1,460 in the previous four sessions. On the other hand, silver coins held steady at Rs. 85,000 for buying and Rs. 86,000 for selling of 100 pieces.