Gold rises, silver drops on global cues

Gold rises, silver drops on global cues
PTI
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First Published: Tue, May 12 2009. 06 09 PM IST
Updated: Tue, May 12 2009. 06 09 PM IST
New Delhi: Gold prices on Tuesday gained Rs10 to Rs14,830 per 10 gram in the bullion market here on sustained buying by jewellers and retailers to meet the ongoing marriage season demand amid firming global trend.
Marketmen said trading sentiment remained better after gold rose in London as a weak dollar and costlier oil spurred demand for the yellow metal as a hedge against higher inflation.
The metal in London rose by $6.32 to $919.10 an ounce.
However, silver ready plunged by Rs335 to Rs22,300 per kg on stockists selling at existing higher levels while weekly-based delivery gained Rs290 at Rs22,590 per kg on speculative support.
Silver coins continued to hover around previous level in limited deals before ending at Rs29,000 for buying and Rs29,100 for selling of 100 pieces.
Standard gold and ornaments were in demand and added another Rs10 each to Rs14,830 and Rs14,680 per 10 gram, respectively. Sovereign, however, held steady at Rs12,200 per piece of eight gram.
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First Published: Tue, May 12 2009. 06 09 PM IST
More Topics: Gold | Bullion | Silver | Commodity | Money Matters |