Advertisement

HindustanTimes Sat,25 Oct 2014

Gold gains for third day on seasonal demand, global cues

PTI  New Delhi, April 22, 2013
First Published: 16:46 IST(22/4/2013) | Last Updated: 16:47 IST(22/4/2013)

Gold prices on Monday rose by Rs. 300 to trade at Rs. 27,400 per ten grams on increased demand amid firming global trends.

Advertisement

Silver also snapped its six-day falling trend and recovered by Rs. 500 to Rs. 45,800 per kg on increased offtake by industrial units and coin makers.

Sentiment bolstered as stockists and retailers purchased gold at existing lower levels due to the prevailing marriage season, after the recent steep fall.

Gold in London, which normally sets price trend on the domestic front, rose 1.3% to USD 1,422.56 an ounce and silver by 0.5% to USD 23.36 an ounce.

Firming trend at the futures market, as speculators indulged in covering their short position in the recent bear phase, was another reason behind the upsurge.

On the domestic front, gold of 99.9 and 99.5% purity shot up by Rs. 300 each to Rs. 27,400 and Rs. 27,200 per ten grams, respectively. Before the current Rs. 750 gain in the last two days, gold had tumbled Rs. 3,250 in last week.

Sovereign moved up by Rs. 100 to Rs. 24,100 per piece of eight gram.

Silver ready recovered by Rs. 500 to Rs. 45,800 per kg and weekly-based delivery by Rs. 370 to Rs. 43,670 per kg. The white metal had lost Rs. 7,300 in the previous six sessions.

Silver coins also spurted by Rs. 1,000 to Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.


Advertisement
more from Business

Finance minister Arun Jaitley favours interest rate cut

Finance minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the RBI has signalled it will not ease policy until it is confident of lower inflation.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved