Gold rebounds by R 155 on firming global trend
Gold prices today recovered by R 155 to R 18,400 per 10 gram in the bullion market in New Delhi on buying by stockists and jewellers after firming global trends.business Updated: Aug 07, 2010 15:37 IST
Gold prices on Saturday recovered by R 155 to R 18,400 per 10 gram in the bullion market in New Delhi on buying by stockists and jewellers after firming global trends.
Silver rose by R 120 to R 29,370 per kg on increased offtake by industrial uses and coin makes.
Trading sentiment turned bullish after gold rose in global markets as the dollar dropped against the euro, boosting the appeal of the precious metal as an alternative asset.
Gold rose by 10.80 dollar to 1,205.70 dollar an ounce in global markets.
On the domestic front, gold of 99.99 per cent and 99.5 per cent purity surged by R 155 each to R 18,400 and R 18,300 per ten grams respectively. It had lost R 55 in the previous two sessions.
Sovereigns followed suit and gained R 100 to R 14,700 per piece of eight gram.
In similar fashion, silver ready rose by R 120 to R 29,370 per kg and weekly-based delivery by R 180 to R 29,130 per kg.
Silver coins also rose by R 100 to R 34,500 for buying and R 34,600 for selling of 100 pieces on account of festive season.