Gold, silver recover on global cues

Gold prices recovered by Rs 110 to Rs 30,730 per 10 grams in the national capital on Monday on fresh buying by stockists for the marriage season amid a firm global trend.

Silver also rebounded by Rs 50 to Rs 43,300 per kg on increased offtake by industrial units.

Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.

Firm global trend where gold traded near the highest level in more than a week, as a worsening crisis in Ukraine stoked haven demand, further influenced the sentiment, they said.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.3 per cent to $1,306.59 an ounce, the highest since April 16.

In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 110 each to Rs 30,730 and Rs 30,530 per 10

grams, respectively.

It had shed Rs 60 in the previous session.

Sovereign moved up by Rs 100 to Rs 25,100 per piece of eight grams.

Silver ready recovered by Rs 50 to Rs 43,300 per kg while weekly-based delivery declined by Rs 100 at Rs 42,500 per kg.

The white metal had lost Rs 170 in last trade.

Silver coins held steady at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.