Gold staged a smart recovery at the bullion market, rising Rs 190 to Rs 29,250 per 10 grams today on firm global cues and pick-up in buying by local jewellers.

Silver followed suit and rebounded by Rs 500 to Rs 42,650 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet the ongoing auspicious ‘Navratras’ demand at the domestic spot market.

Globally, gold rose 0.54 per cent to $1,249.20 an ounce, while silver gained 0.77 per cent to $18.23 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered sharply by Rs 190 each, to Rs 29,250 and Rs 29,100 per 10 grams, respectively. It had lost Rs 490 in the last two days.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

Tracking gold, silver ready rose Rs 500 to Rs 42,650 per kg and weekly-based delivery gained Rs 325 to Rs 42,330 per kg.

On the other hand, silver coins remained unaltered at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.