Mcx Tips; Gold, silver recover on buying at lower levels

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Gold in Singapore, which normally determines price trend on the domestic front, rose by 0.5 per cent to USD 1,232.40 an ounce and silver by 0.4 per cent to USD 17.21 an ounce. In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs 40 each to Rs 27,490 and Rs 27,290 per 10 grams, respectively, while sovereign held steady at Rs 24,200 per piece of eight grams.

It had lost Rs 475 in the pastthree sessions. Silver ready rose by Rs 50 to Rs 38,250 per kg and weekly-based delivery by Rs 170 to Rs 38,190 per kg. Silver coins, however, held steady at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.

Silver followed suit and gained Rs 50 to Rs 38,250 per kg on increased off take by industrial units. Traders said emergence of buying at prevailing lower levels by jewelers and retailers mainly supported the upside in prices of precious metals.