Gold recovers on good buying; silver weakens

Gold recovered moderately at the bullion market on Saturday on good offtake by stockists and traders amidst some local buying interest.

Silver weakened further owing to consistent selling on the back of subdued industrial demand.

Standard gold of 99.5 per cent purity rose by Rs 100 to end at Rs 30,245 per 10 gram, from Friday's closing level of Rs 30,145.

Pure gold of 99.9 per cent purity gained by a similar margin to close at Rs 30,395 per 10 gram from Rs 30,295.

However, silver ready (.999 fineness) dipped by Rs 280 to close at Rs 48,080 per kg from Rs 48,360 previously.

Traders were expecting further correction amid global dip primarily hovering the sentiment, though some festival buying supported the yellow metal to gain, dealers said.

At overseas markets, gold continued its bearishness in the backdrop of progress in US budget impasse that weighed on the metal's safe-haven appeal.

In New York, gold for December delivery slid $28.70 to settle at $1,268.20 an ounce on the NYMEX late Friday, while December silver fell 64 cents to end at $21.26 an ounce.