Gold recovers on jewellers' buying, silver weakens

New Delhi: Gold bounced back by Rs 150 Rs 30,800 per ten grams at the bullion market on Wednesday due to pick up in buying by local jewellers even as the precious metal weakened overseas.

However, silver drifted lower by Rs 150 to Rs 39,050 per kg due to reduced offtake by industrial units and coin makers.

Traders said fresh buying by local jewellers at domestic spot market mainly attributed the recovery in gold prices, but a weak trend overseas, pressured by a stronger US dollar ahead of the outcome of a Federal Reserve monetary policy meeting later in the day, capped the rise.

Globally, gold fell 0.22 percent to USD 1,220.70 an ounce and silver by 0.32 percent to USD 15.44 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity rebounded by Rs 150 each to Rs 30,800 and Rs 30,650 per ten grams, respectively. It had lost Rs 130 in the previous two sessions.

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

On the other hand, silver ready fell by Rs 150 to Rs 39,050 per kg and weekly-based delivery by Rs 60 to Rs 38,180 per kg.

Silver coins, however, continued to be enquired at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.