Jewellers Buying, Firm Global Cues Lift Gold Prices

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    Snapping its three-day losing streak, gold prices recovered by Rs 45 to Rs 26,460 at the bullion market on Friday on emergence of buying by jewellers and retailers to meet wedding season demand amid upbeat global trend.

    However, silver shed Rs 50 to Rs 35,200 per kg due to reduced offtake by industrial units and coin makers.

    Jewellers Buying, Firm Global Cues Lift Gold Prices
     

    Bullion traders said emergence of buying by jewellers and retailers at the existing levels to meet wedding season demand and a slightly better global trend mainly led to recovery in gold prices.

    Globally, the precious metal added 0.1 per cent to USD 1,112.35 an ounce in Singapore.

    In the national capital, gold of 99.9 per cent and 99.5 per cent purity were up by Rs 45 each to close at Rs 26,460 and Rs 26,310 per 10 grams, respectively. The precious metal had lost Rs 425 in the last three trading sessions.

    Sovereign also traded higher by Rs 100 to Rs 22,100 per piece of eight grams.

    On the other hand, silver ready declined further by 50 to Rs 35,200 per kg, while weekly delivery edged up by Rs 25 to Rs 35,485 per kg on scattered speculative buying.

    Silver coins, however, remained steady at Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.

    PTI

    Read more about: gold gold investment gold prices
    Story first published: Friday, September 11, 2015, 15:26 [IST]
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