Gold recovers on low-level buying, global cues

New Delhi, Dec 21. Gold prices recovered by Rs 240 to Rs 30,400 per ten grams in the national capital today on emergence of buying at existing lower levels amid a firm global trend. Silver also snapped three-day losing streak by gaining Rs 450 to Rs 43,950 per kg on increased offtake by industrial units and coin makers. Traders said emergence of buying at existing lower levels amid a firm global trend, spurred by the Federal Reserve's decision to taper stimulus, mainly led to a recovery in precious metals. Gold in New York, which normally sets price trend on the domestic front, rose by 0.8 per cent to USD 1,203.70 an ounce and silver by 1.4 per cent to USD 19.45 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 240 to Rs 30,400 and Rs 30,200 per ten grams, respectively. It had lost Rs 270 in last two sessions. Sovereign, however, held steady at Rs 25,150 per piece of eight gram. In line with a general firm trend, silver ready rebounded by Rs 450 to Rs 43,950 per kg and weekly-based delivery by Rs 200 to Rs 44,000 per kg. The white metal had lost Rs 1,580 in the previous three sessions. Silver coins also jumped up by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.