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Gold claws back on retail off-take, silver surges

PTI  Mumbai, April 10, 2013
First Published: 18:55 IST(10/4/2013) | Last Updated: 18:59 IST(10/4/2013)

Gold recouped some lost ground at the domestic bullion market in Mumbai on Wednesday, snapping its two-sessions downfall on fresh bouts of investment as well as festive buying amid buoyant global sentiments.


Silver also rallied to retrace the Rs. 53,000 per kg level following aggressive speculative and jewellery demand.

Standard gold of 99.5% purity rose by Rs. 90 to conclude at Rs. 29,390 per 10 grams from overnight closing level of Rs. 29,300.

Pure gold of 99.9% purity climbed by Rs. 75 to end at Rs. 29,525 per 10 grams from Rs. 29,450.

Silver ready (.999 fineness) jumped by Rs. 560 to finish at Rs. 53,060 per kg, as compared to Tuesday's closing level of Rs. 52,500.

On the global front, gold soared to a one-week high in New York on bargain hunting and weaker dollar valuations as well as supported by Japan's aggressive monetary easing measures.

Gold for June delivery surged $14.20 to settle at $1,586.70 an ounce on the Comex division of the NYMEX late on Tuesday.

Silver for May contract moved up 74 cents to $27.88 an ounce.

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