Gold, silver rebound on global cues
Snapping a two-day losing streak, gold and silver prices recovered in the bullion market today on emergence of buying at existing lower levels amid a firming global trend.business Updated: Aug 31, 2011 16:08 IST
Snapping a two-day losing streak, gold and silver prices recovered in the bullion market on Wednesday on emergence of buying at existing lower levels amid a firming global trend.
While gold shot up by Rs 455 to Rs 27,640 per 10 grams, silver gained Rs 1,100 to Rs 63,600 per kg.
The trading sentiment turned better as gold gained in global markets after its fall from record levels spurred demand for the precious metal as a safe haven investment, amid concerns that global economic growth is slowing.
Gold in global markets, which normally sets the price trend on the domestic front, spurted by USD 46.60 to USD 1,835.10 an ounce and silver by 1.15% to USD 41.35 an ounce in New York last night.
On the domestic front, gold of 99.9% and 99.5% purity shot up by Rs 455 each to Rs 27,640 and Rs 27,490 per 10 grams, respectively. The lustrous metal has lost Rs 905 over the previous two trading sessions. Sovereigns followed suit, gaining Rs 100 to Rs 22,400 per piece of eight grams.
In a similar fashion, silver ready spurted by Rs 1,100 to Rs 63,600 per kg after losing Rs 2,100 over the last two days. Silver for weekly-based delivery also rose sharply by Rs 1,095 to Rs 62,120 per kg. It has lost Rs 2,875 in the past two sessions.
Silver coins also rose by Rs 500 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.