Precious metals recover on festive buying
Both silver and gold recovered in the bullion market today on fresh buying by retail customers for the festive and marriage season amid firm global cues.business Updated: Oct 23, 2010 16:34 IST
Both silver and gold recovered in the bullion market today on fresh buying by retail customers for the festive and marriage season amid firm global cues.
While gold gained Rs 25 to Rs 19,555 per ten grams,silver rose by Rs 100 to Rs 35,650 per kg on industrial and coin makers demand.
Trading sentiment turned bullish on fresh buying by retail customers for upcoming festival Diwali and marriage season.
A better trend in international markets, which normally sets the price on the domestic front, also pushed up the prices.
Gold in New York rose by USD 2 to USD 1,324.60 an ounce as dollar strengthened against the euro.
The gold of 99.9 and 99.5 per cent purity rose by Rs 25 each to Rs 19,555 and Rs 19,455 per ten grams, respectively. Sovereign gained Rs 50 to Rs 15,850 per piece of eight grams.
Silver ready gained Rs 100 to Rs 35,650 per kg and weekly-based delivery by Rs 90 to Rs 35,190 per kg. Silver coins advanced by Rs 100 each to Rs 36,000 for buying and Rs 36,100 for selling of 100 pieces.