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Gold recovers on firm global trend, renewed local demand

Gold recovers on firm global trend, renewed local demand
PTI
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First Published: Tue, Oct 23 2007. 04 50 PM IST
Updated: Tue, Oct 23 2007. 04 50 PM IST
New Delhi: Gold gained Rs35 and closed Rs9,860 per ten gram on the bullion market today on revival of buying by jewellery fabricators and local parties to meet seasonal demand amid reports of firming global trend.
Trading activity picked up pace following reports of a firm trend in international markets which forced stockists to enlarge their positions to meet the current heavy festival and marriage demand.
The precious metal, co-related to international advices, normally picks up in the last quarter of the calendar year on rising demand for festivals like Diwali and a heavy marriage season.
Silver also went up on increased offtake from industrial units and jewellery fabricators.
Marketmen said revival of buying by jewellery fabricators and local parties ahead of ‘Diwali’ boosted the trading sentiment.
They said a steep fall in previous day’s trading also attracted local customers to buy at existing low levels.
Gold in London rose by $2.75 to $756.95 an ounce, after dipping to $745.20 yesterday, the biggest one-day drop since 2 October.
Standard gold and ornaments gained Rs35 each at Rs9,860 and Rs9,710 per ten grams respectively. However, sovreign, remained flat at Rs7,925 per piece of eight gram.
Silver ready rose by Rs100 at Rs18,150 per kilo and weekly-based delivery by Rs10 at Rs18,160 per kilo. Its coins were traded higher by Rs100 at Rs24,400 for buying and Rs24,500 for selling of 100 coins.
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First Published: Tue, Oct 23 2007. 04 50 PM IST
More Topics: Bullion | Gold | Silver | Markets | Commodity |