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…
Gold prices recovered from a 10-month low by rising Rs.100 to Rs.28,550 per 10 grams, taking its strength from scattered buying by local jewellers even as the metal weakened overseas.
Silver too bounced Rs.150 to Rs.41,400 per kg on increased offtake by industrial units and coin makers.
According to traders, mild buying by jewellers to meet the ongoing wedding season demand at the domestic spot market helped the recovery, but a weak trend overseas reined in the upside.
Globally, gold fell 0.33 per cent to $1,155.80 an ounce and silver by 0.27 per cent to $16.77 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity were higher by Rs.100 each to Rs.28,550 and Rs.28,400 per 10 grams, respectively. It had lost Rs.260 in the previous two sessions.
Sovereign, however, lost Rs.100 at Rs.24,100 per piece of eight grams.
In line with gold, silver ready recovered Rs.150 to Rs.41,400 per kg while weekly-based delivery held steady at Rs.41,220.
On the other hand, silver coins remained unaltered at Rs.72,000 for buying and Rs.73,000 for selling of 100 pieces.
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