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HindustanTimes Thu,24 Apr 2014

Gold bounces back on wedding season demand; up by Rs. 65

PTI  New Delhi, June 30, 2012
First Published: 15:34 IST(30/6/2012) | Last Updated: 15:41 IST(30/6/2012)

Gold on Saturday recovered by Rs. 65 to Rs. 30,125 per 10 grams on retailers buying for the wedding season amid a sharp rally in global markets.

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However, silver lacked necessary buying support and fell for the fourth day shedding Rs. 50 to Rs. 52,900 per kg.

The trading sentiment in gold improved as it recorded the highest jump in four weeks in global markets, climbing above $1,600 an ounce, after Europe's leaders took steps to resolve the debt crisis, boosting the outlook for global economic growth.

In New York, gold climbed 3.5% to $1,604.20 an ounce, the biggest gain since June 1.

In addition, some buying for the ongoing marriage season further fuelled the uptrend in gold.

On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs. 65 each to Rs. 30,125 and Rs. 29,925 per 10 grams, respectively. The metal had lost Rs. 360 yesterday.

However, sovereigns held steady at Rs. 24,400 per piece of eight grams.

On the other hand, silver ready remained weak for the fourth straight day and declined by Rs. 50 to Rs. 52,900 per kg and weekly-based delivery by Rs. 75 to Rs. 52,050 per kg. The white metal had lost Rs. 1,450 in last three sessions.

Meanwhile, silver coins remained steady at Rs. 59,000 for buying and Rs. 60,000 for selling of 100 pieces.

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