Gold edges up on wedding season buying, global cues

New Delhi: Gold prices recovered by Rs 20 to Rs 30,520 per 10 grams at the bullion market on Wednesday on wedding season demand along with a firm trend overseas.

Silver, however, fell further by Rs 200 to Rs 40,000 per kg due to reduced offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to some marriage season buying at spot markets and a better trend overseas.

Globally, gold rose 0.15 percent to USD 1,295.30 an ounce in Singapore as the reaction to North Korea's latest missile test was muted.

In the national capital, gold of 99.9 percent and 99.5 percent purity edged up by Rs 20 each to Rs 30,520 and Rs 30,370 per 10 grams, respectively. It had dropped by Rs 50 yesterday.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

On the other hand, silver ready drifted lower by another Rs 200 to Rs 40,000 per kg and weekly-based delivery slumped below Rs 39,000-mark by plunging Rs 445 to Rs 38,695 per kg.

Silver coins, however, remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.