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Gold rebounds on firm global cues

Gold rebounds on firm global cues
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First Published: Thu, Apr 30 2009. 04 47 PM IST
Updated: Thu, Apr 30 2009. 04 47 PM IST
New Delhi: Snapping a two-day losing streak, gold prices on Thursday rose by Rs110 at Rs14,770 per 10 gram in the bullion market here on emergence of buying by stockists and jewellery fabricators, driven by overnight rise in the global markets.
Marketmen said buying activity gathered momentum after gold prices surged over $902 an ounce in New York last night as the weak US dollar raised the metal’s appeal as an alternative investment.
They said emergence of buying by stockists and jewellery fabricators to meet the current marriage season demand and reports of firming trend in the overseas market mainly attributed to the recovery in gold prices.
Standard gold and ornaments, which had lost Rs370 each in the last two sessions, recovered by Rs110 each to Rs14,770 and Rs14,620 per 10 gram, respectively. However, sovereign, remained steady at Rs 12,350 per piece of eight gram.
Silver ready also showed strength in line with gold and prices flared up by a whopping Rs400 to Rs21,500 per kg, while weekly-based delivery shot up by Rs465 to Rs21,325 per kg. Silver coins also gained Rs100 to Rs28,200 for buying and Rs28,300 for selling of 100 pieces.
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First Published: Thu, Apr 30 2009. 04 47 PM IST