Gold snaps 5-day losing streak, gains Rs 300 on global cues
Snapping its five-day losing streak, gold prices rose by Rs 300 to Rs 30,400 per ten grams on Tuesday on revival of buying at existing lower levels amid a firm global trend.business Updated: Sep 17, 2013 15:36 IST
Snapping its five-day losing streak, gold prices rose by Rs 300 to Rs 30,400 per ten grams on Tuesday on revival of buying at existing lower levels amid a firm global trend.
Silver also recovered by Rs 680 to Rs 50,210 per kg on increased offtake by industrial units.
Sentiment turned better after gold gained from a five-week low in global markets as a weaker dollar spurred demand for an alternate investment option.
Gold in London, which normally set price trend on the domestic front, rose 0.5 % to USD 1,319.75 an ounce and silver by 0.9 % to USD 22.00 an ounce.
In addition, revival of buying by stockists and investors at prevailing lower levels also supported the uptrend.
On the domestic front, gold of 99.9 and 99.5 % purity rebounded by Rs 300 each to Rs 30,400 and Rs 30,200 per ten grams, respectively, after losing Rs 1,270 in last five sessions. However, sovereign held steady at Rs 25,000 per piece of eight gram in scattered deals.
Silver ready recovered by Rs 680 to Rs 50,210 per kg and weekly-based delivery by Rs 1,010 to Rs 50,060 per kg. The white metal had lost Rs 1,220 on Monday.
On the other hand, silver coins remained unchanged at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.