Gold gains Rs 420, silver up by Rs 1,100 on global cues
Snapping two days of losses, both gold and silver gained on the bullion market today on emergence of buying by stockists and investors at existing lower levels driven by a rebound in global markets.business Updated: Sep 17, 2011 16:45 IST
Snapping two days of losses, both gold and silver gained on the bullion market on Saturday on emergence of buying by stockists and investors at existing lower levels driven by a rebound in global markets.
While gold surged by Rs 420 to Rs 28,160 per 10 grams, silver went up by Rs 1,100 to Rs 64,400 per kg.
Trading sentiment turned better after gold rose the most in a week in global markets on renewed concerns that Europe's debt crisis will threaten economies, boosting demand for alternative investment options.
Gold in global markets, which normally sets the price trend on the domestic front, rose by $22.70 to $1,812.50 an ounce, the biggest gain since September 8.
Silver also traded 1.88% higher at $40.66 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity surged by Rs 420 each to Rs 28,160 and Rs 28,010 per 10 grams, respectively. The metal had lost Rs 725 in the last two trading sessions. Sovereign followed suit and recovered by Rs 100 to Rs 22,700 per piece of eight grams.
In a similar fashion, silver ready spurted by Rs 1,100 to Rs 64,400 per kg and weekly-based delivery by Rs 1,150 to Rs 64,450 per kg, respectively. Silver coins also jumped by Rs 3,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.