Gold recovers on jewellers' buying; silver remains weak

New Delhi: Gold prices recovered by Rs 40 to Rs 31,040 per ten grams at the bullion market today on scattered buying by jewellers at domestic spot market even as the metal weakened overseas.

Silver, however, cracked below the Rs 45,000-mark by falling Rs 125 to trade at Rs 44,975 per kg on reduced offtake by industrial units and coin makers.

Traders said mild buying by jewellers at domestic spot market led to the rise in gold prices but a weak trend overseas capped the gain.

Globally, gold fell by 0.31 per cent to USD 1,310 an ounce and silver by 1.06 per cent to USD 18.76 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity moved up by Rs 40 each to Rs 31,040 and Rs 30,890 per ten grams, respectively. It had lost 70 yesterday.

Sovereign remained flat at Rs 24,400 per piece of eight grams.

On the other hand, silver ready remained under selling pressure and fell further by Rs 125 to Rs 44,975 per kg and weekly-based delivery by Rs 310 to Rs 45,270 per kg.

Silver coins, however, remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces