Gold up on fresh buying, global cues

Business

oi-Sneha

By Sneha B K

Published: Monday, March 11, 2013, 16:41 [IST]

Snapping two-days losing track, gold prices today gained Rs 20 to Rs 29,840 per 10 grams here on low level buying amid a firm global trend.

Silver also advanced by Rs 50 to Rs 55,100 per kg on higher offtake by industrial units and a firm global trend.

Traders said low level buying by retailers and stockists and a firming global trend as concern that China's recovery may be faltering boosted haven buying mainly influenced the trading sentiment.

In Singapore, gold gained 0.3 per cent to USD 1,583.58 an ounce and silver by 0.3 per cent to USD 29.08 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 20 each to Rs 29,840 and Rs 29,640 per 10 grams, respectively. The yellow metal had lost Rs 230 in last two sessions. Sovereigns held steady at Rs 25,250 per piece of eight grams in limited deals.

In line with a general firm trend, silver ready advanced by Rs 50 to Rs 55,100 per kg and weekly-based delivery by Rs 35 to Rs 54,870 per kg. The white metal had gained Rs 90 on Saturday.

On the other hand, silver coins continued to be asked around previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces in scattered deals.

PTI