Gold Price Recovers to 31,320 rupees per 10 grams in India

Gold in India

Snapping from its two-day losing trend, gold was up by Rs 320 to reach Rs 31,820 per ten grams in the national capital of India on Wednesday. Fresh buying at existing lower levels for the ongoing marriage season lured Indian investors to enter the market.

Silver also was up by Rs 450 to Rs 46,450 per kg on increased off-take by industrial units.

Traders said fresh buying by stock-traders and retailers at the current relatively low prices for the ongoing marriage season amid weakening rupee against dollar was the main drive for the recovery.

Some investors were seen shifting from the weak performance of equity to the bullish bullion today, also supported by the uptrend.

In the state capital, gold of 99.9 and 99.5 percent purity recovered by Rs 320 each to Rs 31,820 and Rs 31,620 per ten grams, respectively. It had lost Rs 350 in previous two sessions.

Sovereigns followed and rose by Rs 100 to Rs 25,300 per piece of eight gram.

In line with general trend, silver price rose by Rs 450 to Rs 46,450 per kg and weekly-based by Rs 575 to Rs 45,745 per kg, while silver coins held steady at Rs 85,000 for buying and Rs 86,000 for selling per 100 pieces.