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Gold recovers on marriage season demand; silver remains weak

LiveMint logoLiveMint 09-05-2014 PTI

New Delhi: Gold prices recovered by Rs80 to Rs30,480 per 10 grams in Delhi bullion market on Friday on increased demand from stockists and retailers, driven by ongoing wedding season.

However, silver remained under pressure and lost another Rs230 to Rs41,770 per kg on reduced offtake by industrial units and coin makers.

Traders attributed the rise in gold prices to increased buying by stockists and retailers to meet the wedding season demand.

However, silver and its coins suffered losses due to reduced offtake by industrial units and coin makers.

In Delhi, gold of 99.9 and 99.5% purity traded higher by Rs80 each to Rs30,480 and Rs30,280 per 10 grams, respectively. It had lost Rs350 on Thursday. Sovereign, however, remained steady at Rs25,100 per piece of eight grams.

On the other hand, silver ready fell further by Rs230 to Rs41,770 per kg and weekly-based delivery by a similar margin to Rs41,670 per kg. The white metal had plunged by Rs800 in the previous session.

Silver coins also dropped by Rs1,000 to Rs79,000 for buying and Rs80,000 for selling of 100 pieces.

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