Gold recovers on low level buying, global cues

New Delhi, Dec. Gold prices recovered by Rs 65 to Rs 30,990 per 10 gm in the bullion market today on emergence of low level buying by retailers amid a firm global trend. However, silver lacked necessary buying support from industrial units and coin makers and dropped by Rs 600 to Rs 57,000 per kg. Buying activity in gold picked up as retailers indulged in low level buying for the coming wedding season, traders said. In Singapore, gold rose by 0.5 per cent to USD 1,664.23 and silver by 0.8 per cent to USD 30.25 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 65 each to Rs 30,990 and Rs 30,790 per 10 gm, respectively. The metal had lost Rs 85 in the previous session on Saturday. Sovereign continued to be asked around previous level of Rs 25,450 per piece of 8 gram. On the other hand, silver ready dropped by Rs 600 to Rs 57,000 per kg, while weekly-based delivery rose by Rs 255 to Rs 57,855 per kg on speculative buying. Silver coins remained steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.