New Delhi: Gold prices recovered by Rs 40 to Rs 29,550 per 10 grams at the bullion market today on positive global cues and increased buying by local jewelers.   Silver also rebounded by Rs 300 to Rs 38,100 per kg, backed by increased offtake by industrial units and coin makers.   Sentiment improved largely on the back of a firm trend overseas and pick up in buying by jewelers at the domestic spot market, traders said. 

Globally, gold rose by 0.19 percent to USD 1,255.10 an ounce and silver by 1.13 percent to USD 16.06 an ounce in New York in yesterday's trade.   In the national capital, gold of 99.9 percent and 99.5 percent purity edged higher by Rs 40 each to Rs 29,550 and Rs 29,400 per 10 grams respectively. Gold had lost Rs 155 yesterday.   

Sovereign, however, shed Rs 100 to Rs 24,400 per piece of eight grams.   Tracking gold, silver ready rose by Rs 300 to Rs 38,100 per kg while weekly-based delivery gained Rs 185 to Rs 37,205 per kg.   On the other hand, silver coins remained unaltered at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces. PTI