New Delhi: Reversing yesterday's slide, gold
prices bounced back by Rs 135 to trade at over one-month high
of Rs 30,500 per 10 grams at the bullion market today, largely
driven by a firm trend overseas amid pick-up in buying by
local jewellers.
Silver followed suit and recaptured the Rs 40,000-mark
due to increased offtake by industrial units and coin makers.
Bullion traders attributed the recovery in gold prices to
a firm trend overseas as the weakness in dollar which hit a
four-month low boosted demand for the precious metal as a
safe-haven.
Globally, gold rose by 0.72 per cent to USD 1,322 an
ounce and silver by 0.58 per cent to USD 17.20 an ounce in New
York yesterday.
In addition, increased buying by local jewellers at
domestic spot market fuelled the uptrend, they said.
In the national capital, gold of 99.9 per cent and 99.5
per cent purity rebounded by Rs 135 each to Rs 30,500 and
Rs 30,350 per 10 grams, respectively, a level last seen on
December 2. The precious metal had lost Rs 85 yesterday.
Sovereign, however, remained flat at Rs 24,700 per piece
of eight grams.
Following gold, silver ready climbed by Rs 360 to Rs
40,000 and weekly-based delivery by Rs 220 to Rs 39,200 per
kg.
Silver coins, however, remained unchanged at Rs 73,000
for buying and Rs 74,000 for selling of 100 pieces.
PTI
