BackGold rebounds from 4-month low on global cues, jewellers buying
Gold of 99.9 and 99.5% purity climbed Rs175 each to Rs25,700 and Rs25,550 per ten grams, respectively
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New Delhi: Snapping its three-day losing run, gold prices recovered from over a four-month low by surging Rs175 to Rs25,700 in Delhi bullion market on Tuesday, taking positive cues from global markets amid fresh buying by jewellers.
Traders attributed recovery in precious metal prices to a firm trend overseas as investors awaited speech from Federal Reserve Chair Janet Yellen and the November jobs report later this week for more clues on when the central bank will raise rates.
Globally, gold climbed 0.9% to $1,074.76 an ounce in Singapore. On Friday, the metal had dropped to $1,052.83, its lowest level since February 2010. At London, gold recovered 0.52% to trade at $,070 an ounce in early trade today.
Besides, emergence of buying by jewellers and retailers to meet ongoing wedding season demand supported the upside, they said.
In the national capital, gold of 99.9 and 99.5% purity climbed Rs175 each to Rs25,700 and Rs25,550 per ten grams, respectively. The precious metal had lost Rs295 in the previous three days. The sovereign, however, remained steady at Rs22,200 per piece of eight gram in limited deals.
In a similar fashion, silver ready recovered by ₹ 00 to ₹ 4,200 per kg and weekly-based delivery by ₹ 85 to ₹ 33,665 per kg.
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