Gold surges to recover previous day's losses, up Rs 160 | business | Hindustan Times
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Gold surges to recover previous day's losses, up Rs 160

business Updated: Apr 23, 2009 18:31 IST
Gold surges to recover previous day's losses

Gold prices on Thursday recovered previous day's losses by rising Rs 160 to close at Rs 14,720 per ten gram in the bullion market here on emergence of buying by stockists and jewellers to meet the current marriage season demand.

An upsurge in gold prices was further fuelled on reports of a better trend in international markets, which normally set price trend in New Delhi. The metal had lost Rs 110 in previous session.

The precious metal rose for the second day in London on demand for a store of value after International Monetary Fund projected that the global economy might shrink further this year. Gold rose by 3.63 dollar to 893.38 dollar an ounce and silver by 1.1 per cent to 12.435 dollar an ounce.

Silver also joined the firming trend on fresh buying by stockists and industrial units, gaining Rs 500 at Rs 21,000 per kg.Silver ready spurted by Rs 500 to Rs 21,000 and weekly-based delivery by Rs 20,690 per kg respectively. Its coins remained steady at Rs 28,000 for buying and Rs 28,100 for selling of 100 pieces.

Standard gold and ornaments spurted by Rs 160 each to Rs 14,720 and Rs 14,570 per ten gram respectively while sovreign gained Rs 50 to Rs 12,400 per piece of eight gram.