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HindustanTimes Sat,19 Apr 2014

Gold zooms by Rs. 225 on low level buying, silver up Rs. 190

PTI  New Delhi, October 27, 2012
First Published: 15:00 IST(27/10/2012) | Last Updated: 15:08 IST(27/10/2012)

Breaking a five-day long falling streak, gold prices on Saturday rose by Rs. 225 to Rs. 31,425 per 10 grams in the bullion market in New Delhi on emergence of buying at lower levels amid a firming global trend.

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Silver also gained Rs. 190 to Rs. 59,640 per kg on increased offtake by industrial units and coins manufacturers.

Traders said low level buying by stockists and retailers for the upcoming festivals and wedding season amid a positive trend in overseas markets led to a rise in both precious metals.

In New York, gold traded higher by 0.05% to $1,711.10 an ounce.

On the domestic front, gold of 99.9 and 99.5% purity recovered sharply by Rs. 225 each to Rs. 31,425 and Rs. 31,225 per 10 grams, respectively. The metal had lost Rs. 525 in last five trading sessions.

Sovereigns followed suit and rose by Rs. 50 to Rs. 25,450 per piece of eight grams.

Silver ready rose by Rs. 190 to Rs. 59,640 per kg and weekly-based delivery by Rs. 350 to Rs. 59,800 per kg.

Silver coins held steady at Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.

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