Gold recovers by Rs 200, silver by Rs 500
Both gold and silver recovered in the bullion market in New Delhi today on revival of buying for the wedding season amid firm global cues.business Updated: Sep 19, 2012 15:43 IST
Both gold and silver recovered in the bullion market in New Delhi on Wednesday on revival of buying for the wedding season amid firm global cues.
Gold gained Rs 200 to Rs 32,500 per 10 grams and silver added Rs 500 to Rs 62,000 per kg.
While gold had lost Rs 225 in the previous session on Tuesday, silver had dipped by Rs 400.
Silver coins spurted by Rs 2,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces on good demand for marriage season.
Traders said buying activity in precious metals picked up as stockists and retailers indulged in fresh buying at lower levels to meet the wedding season demand.
A firming trend overseas, where gold climbed to six-month high on speculation that central banks' moves to bolster growth will spur demand for the metal as a protection of wealth, also supported the uptrend.
In London, gold rose by 0.2% to $1,774.57 an ounce, while silver was little changed at $34.82 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity gained by Rs 200 each to Rs 32,500 and Rs 32,300 per 10 grams, respectively.
Sovereign followed suit and rose by Rs 100 to Rs 25,500 per piece of eight grams.
Likewise, silver ready recovered by Rs 500 to Rs 62,000 per kg and weekly-based delivery by Rs 915 to Rs 64,470 per kg.