Gold recovers on local buying amid firm global trend

Gold recovers on local buying amid firm global trend
PTI
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First Published: Wed, Jan 14 2009. 04 10 PM IST
Updated: Wed, Jan 14 2009. 04 10 PM IST
New Delhi: Gold recovered in the national capital on Wednesday by rising Rs50 at Rs13,200 per 10 gram on emergence of festival buying amid firming global trend.
Silver also shot up by Rs130 to Rs18,050 per kg.
Gold, which tumbled by Rs350 in previous day’s trading, rose on fresh buying by retail customers for the ‘Makarsankranti´ festival beside a firming trend in Asian region and boosted the trend.
The precious metal in Asia gained as rising crude oil prices and a pause in the dollar rally added to the appeal of the precious metal as an inflation hedge and alternative investment.
In Singapore, the yellow metal rose 0.6% at $826.74 an ounce and silver added 0.5% to $10.81 an ounce.
With the general firming trend, silver ready shot up by Rs130 to Rs18,050 per kg and weekly-based delivery by Rs100 at Rs17,860 per kg. Silver coins also rose by Rs100 at Rs26,900 for buying and Rs27,000 for selling of 100 pieces.
Standard gold and ornaments rose by Rs50 each at Rs13,200 and Rs13,050 per 10 gram respectively. Sovereign rose by Rs125 to Rs10,725 per piece of eight gram.
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First Published: Wed, Jan 14 2009. 04 10 PM IST
More Topics: Gold | Makarsankranti | Crude oil | Dollar | Retail |