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Gold rises to Rs22,865, silver gains Rs400 on global cues

Gold rises to Rs22,865, silver gains Rs400 on global cues
PTI
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First Published: Sat, May 28 2011. 02 52 PM IST
Updated: Sat, May 28 2011. 02 52 PM IST
New Delhi: Both precious metals, silver and gold, recovered on the bullion market on Saturday on emergence of buying by stockists amid firming global trend. While gold shot up by Rs120 to Rs22,865 per 10 grams, silver bounced back by Rs400 to Rs57,600 per kg.
Buying activity in the precious metals picked up as gold rose to a three-week high overseas at $17.10 an ounce and silver gained 2.07% to $37.96 an ounce as the dollar’s slump spurred the demand for the metals.
Additionally, some buying by retailers for the ongoing marriage season further supported the uptrend.
On the domestic front, silver ready recovered by Rs400 to Rs57,600 per kg. It had lost Rs1,300 on Friday.
Silver weekly-based delivery moved up by Rs385 to Rs57,585 per kg, after losing Rs1,300 in the previous session.
However, silver coins remained steady at Rs66,000 for buying and Rs67,000 for selling of 100 pieces.
In line with a general firming trend, the gold of 99.9 and 99.5% purity shot up by Rs120 each to Rs22,865 and Rs22,745 per 10 grams. The metal had lost Rs75 in the last trading session.
Sovereigns also gained Rs50 to Rs18,700 per piece of eight grams.
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First Published: Sat, May 28 2011. 02 52 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |