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Gold gains Rs185, silver adds Rs900 on firm global cues

Gold gains Rs185, silver adds Rs900 on firm global cues
PTI
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First Published: Thu, Jul 21 2011. 05 28 PM IST
Updated: Thu, Jul 21 2011. 05 28 PM IST
New Delhi: Both the precious metals, gold and silver, rebounded on Thursday on fresh buying by stockists and investors on the back on a firming global trend.
Gold, which had lost Rs210 in the previous session, rose by Rs185 to Rs23,445 per 10 grams, while silver shot up by Rs900 to Rs58,900 per kg, after it shed Rs1,500 on Wednesday.
Trading sentiments turned better after the yellow metal gained 0.2% to $1,603.95 an ounce on concerns about global economic slowdown due to Eurozone debt crisis and fears that China’s manufacturing may contract for the first time in a year, buoying the metal’s demand as a safe haven.
In addition, some investors were seen shifting their funds from weakening equity to rising bullion which further fuelled the uptrend.
On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs185 each to Rs23,445 and Rs23,325 per 10 grams, respectively.
Sovereigns followed suit and gained Rs50 to Rs18,900 per piece of eight grams.
Silver ready shot up by Rs900 to Rs58,900 per kg and weekly-based delivery by Rs860 to Rs59,150 per kg on speculative buying.
However, silver coins remained steady at Rs62,500 for buying and Rs63,500 for selling of 100 pieces.
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First Published: Thu, Jul 21 2011. 05 28 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |