Gold bounces back on jeweller-buying; silver remains weak

Gold prices recovered by ₹50 to ₹30,485 per 10 grams at the bullion market on Friday on pick up in buying by local jewellers, shrugging off a weak trend overseas.

Silver, however, remained under selling pressure and slipped below the ₹39,000-mark by falling ₹150 to ₹38,850 per kg.

Traders said fresh buying by local jewellers at the domestic spot market led to the recovery in gold prices, but a weak trend overseas capped the rise.

Globally, gold fell 0.05% to USD 1,206.50 an ounce and silver shed 0.03% to USD 15.28 an ounce in Singapore.

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

In the national capital, gold of 99.9% and 99.5% purity rebounded by ₹50 each to ₹30,485 and ₹30,335 per 10 grams, respectively. It had lost ₹365 in Thursday’s trade.

Sovereign gold, however, remained flat at ₹24,600 per piece of eight grams.

On the other hand, silver ready drifted further down by ₹150 to ₹38,850 per kg and weekly-based delivery traded lower by a similar margin to ₹37,790 per kg.

Silver coins too plummeted by ₹1,000 to ₹73,000 for buying and ₹74,000 for selling of 100 pieces.

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