Gold recovers on scattered jewelers buying

Snapping the two-day losing streak, gold prices rebounded by Rs 125 to Rs 25,675 per 10 grams at the bullion market on Friday on scattered buying by jewelers and retailers.

Silver also edged higher by Rs 25 to Rs 34,325 per kg on increased off take by industrial units and coin makers.

Traders attributed the recovery in gold prices to some buying by jewelers as well as retailers.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 125 each to Rs 25,675 and Rs 25,525 per 10 grams, respectively. It had lost Rs 200 in last two days.

The sovereign, however, remained flat at Rs 22,200 per piece of eight grams in limited deals.

Silver ready inched up by Rs 25 to Rs 34,325 per kg, while weekly-based delivery shed Rs 35 at Rs 34,345 per kg.

On the other hand, silver coins continued to be traded at last level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.