Gold gains for third day on seasonal demand, global cues
Gold prices on Monday rose by Rs 300 to trade at Rs 27,400 per ten grams on increased demand amid firming global trends.business Updated: Apr 22, 2013 16:47 IST
Gold prices on Monday rose by Rs 300 to trade at Rs 27,400 per ten grams on increased demand amid firming global trends.
Silver also snapped its six-day falling trend and recovered by Rs 500 to Rs 45,800 per kg on increased offtake by industrial units and coin makers.
Sentiment bolstered as stockists and retailers purchased gold at existing lower levels due to the prevailing marriage season, after the recent steep fall.
Gold in London, which normally sets price trend on the domestic front, rose 1.3% to USD 1,422.56 an ounce and silver by 0.5% to USD 23.36 an ounce.
Firming trend at the futures market, as speculators indulged in covering their short position in the recent bear phase, was another reason behind the upsurge.
On the domestic front, gold of 99.9 and 99.5% purity shot up by Rs 300 each to Rs 27,400 and Rs 27,200 per ten grams, respectively. Before the current Rs 750 gain in the last two days, gold had tumbled Rs 3,250 in last week.
Sovereign moved up by Rs 100 to Rs 24,100 per piece of eight gram.
Silver ready recovered by Rs 500 to Rs 45,800 per kg and weekly-based delivery by Rs 370 to Rs 43,670 per kg. The white metal had lost Rs 7,300 in the previous six sessions.
Silver coins also spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.