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Gold strengthens on local demand

Gold strengthens on local demand
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First Published: Tue, Apr 29 2008. 04 11 PM IST
Updated: Tue, Apr 29 2008. 04 11 PM IST
PTI
New Delhi: Gold prices rose by Rs15 to Rs11,780 per 10 grams on the bullion market on 29 April on increased demand from local parties in view of marriage season even as global markets remained weak.
Silver also gained on persistent buying by jewellery fabricators and industrial units.
Marketmen said that the global trend, which normally sets a price band in domestic market here failed to influenced the market sentiment.
Gold fell by $6.11 to $887.14 an ounce in London. Futures for June delivery dropped $6.40 to $889.10 an ounce on the Comex division of the New York Mercantile Exchange.
In the local market, standard gold and ornaments remained in demand and gained Rs15 each at Rs11,780 and Rs11,630 per 10 grams respectively. Sovereign, however, hovered around previous level at Rs9,850 per piece of eight gram in limited deals.
On the other hand, white metal showed a mixed trend as silver ready attracted fresh buying and recovered sharply by Rs390 at Rs22,800 per kg but silver weekly-based delivery lost Rs360 at Rs22,350 per kg.
Silver coins remained unchanged at Rs26,500 for buying and Rs26,600 for selling of 100 coins.
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First Published: Tue, Apr 29 2008. 04 11 PM IST
More Topics: Bullion | Gold | Silver | Money Matters | Commodities |