Gold prices rise by Rs 240 to Rs 30,600 per ten gram on global cues

Snapping two days losses, gold prices rose by Rs 240 to Rs 30,600 per ten gram in the national capital Thursday on emergence of buying at existing lower levels amid a firm global trend.

Silver followed suit and recovered by Rs 300 to Rs 44,500 per kg on increased offtake by industrial units.

A similar trend was noticed in Mumbai, as gold of 99.9 and 99.5 per cent purity shot up by Rs 180 and Rs 185 to Rs 30,260 and Rs 30,110 per ten grams, respectively; and silver gained Rs 150 to Rs 45,050 per kg on fresh buying by stockists.

Traders said besides low level buying for the ongoing wedding season, a firm global trend mainly led the recovery in precious metals.

Gold in New York, which normally sets price trend on the domestic front, rose by 0.96 per cent to $1267.70 an ounce and silver by Rs 0.77 per cent to $19.71 an ounce.

In addition, shifting of funds from weakening equities to rising bullion further supported the uptrend, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 240 each to Rs 30,600 and Rs 30,400 per ten grams, respectively. It had lost Rs 210 in the last two trading sessions.

Sovereign also moved up by Rs 50 to Rs 25,250 per piece of eight gram.

In a similar fashion, silver ready recovered by Rs 300 to Rs 44,500 per kg and weekly-based delivery by Rs 100 to Rs 44,200 per kg. The white metal had plunged by Rs 875 in the previous two sessions.

On the other hand, silver coins remained steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.