Gold advances for 4th day, mirrors global trend
Tracking a firm global trend and continued buying by local jewellers, gold maintained its upward trend for the fourth day…
Shaking off the four-day losing grip, gold prices rebounded from an 11-month low by surging Rs.475 to Rs.28,025 per 10 grams on Tuesday, leaning on positive global cues amid fresh buying by local jewellers.
Silver, too, retook the Rs.39,000-mark by climbing Rs.550 to Rs.39,150 per kg on increased offtake by industrial units.
A significant recovery in gold prices, according to traders, was mostly because of the firm trend in the global market and emergence of buying by jewellers at the domestic spot market.
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Globally, gold rose 0.94 per cent to $1,138.90 an ounce and silver by 0.83 per cent to $15.88 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded Rs.475 each at Rs.28,025 and Rs.27,875 per 10 grams, respectively. The precious metal had lost Rs.400 in the previous four days.
Sovereign also recovered by Rs.100 to Rs.24,000 per piece of eight grams.
In sync with gold, silver ready traded higher by Rs.550 to Rs.39,150 per kg and weekly-based delivery by Rs.655 to Rs.39,120 per kg.
On the other hand, silver coins traded steady at Rs.70,000 for buying and Rs.71,000 for selling of 100 pieces.
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