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Gold recovers as investors pull out from stocks

Gold recovers as investors pull out from stocks
PTI
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First Published: Wed, Jan 07 2009. 06 32 PM IST
Updated: Wed, Jan 07 2009. 06 32 PM IST
New Delhi: Snapping a four-day losing streak, gold prices on Wednesday recovered by Rs155 to Rs13,465 per 10 gram in the bullion market as traders and investors shifted their funds from melting stock markets to bullion.
The precious metal, which had lost Rs340 per 10 gram in the last four sessions, bounced back on revival of buying in line with a firm trend in the US markets on Tuesday night. The gold in American markets rose from $844 to $865 an ounce.
Marketmen said most of the investors, including stockists, shifted their funds from stocks markets, which on Wednesday recorded biggest single day losses this year.
The Bombay Stock Exchange benchmark Sensex lost 749 points on panic selling by funds after Satyam Computer said profit had been inflated for years, raising concerns of dim third-quarter earnings by blue-chip companies.
Besides, they said firming trend in overseas markets was another boosting factor for bullion.
Standard gold and ornaments rose by Rs155 each to Rs13,465 and Rs13,315 per 10 gram, respectively, while sovereign gained Rs25 to Rs10,750 per piece of eight gram.
Similarly, silver ready attracted brisk buying support from stockists and industrial units and recorded a gain of Rs210 at Rs18,400 per kg and weekly-based delivery by Rs260 to Rs18,410 per kg.
Silver coins also traded higher by Rs100 to Rs27,000 for buying and Rs27,100 for selling of 100 pieces in line with general firming trend.
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First Published: Wed, Jan 07 2009. 06 32 PM IST
More Topics: Bullion | Gold | Commodity | India | Sensex |