Gold prices recovered by Rs 100 to Rs 28,940 per 10 gm

New Delhi - Snapping a four-day losing streak, gold prices recovered by Rs 100 to Rs 28,940 per 10 gm in the national capital Thursday on emergence of buying at existing lower levels supported by a firming global trend.

However, silver remained under selling pressure for the fourth straight day and lost Rs 100 to Rs 54,200 per kg. The white metal had lost Rs 1,950 in the previous three sessions.

Gold in global markets rebounded from four month lows as recent fall spurred buying.

Gold in global markets, which normally set price trend on the domestic front, rose 0.4 percent to USD 1,595.80 an ounce in Singapore. The metal fell to USD 1,580.13 yesterday, the lowest since January 3.

In addition, fresh buying by stockists and investors at prevailing lower levels also supported the recovery move in the yellow metal.

On the domestic front, gold of 99.9 and 99.5 percent purity recovered by Rs 100 each to Rs 28,940 and Rs 28,800 per 10 gm, respectively. The metal had lost Rs 910 in last four sessions. Sovereign also rose by Rs 50 to Rs 23,750 per piece of eight gram.

On the other hand, silver remained under selling pressure and lost another Rs 100 to Rs 54,200 per kg, while silver weekly-based delivery found scattered buying and traded higher by Rs 15 to Rs 54,695 per kg.

Silver coins continued to be asked around previous level of Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.