Gold snaps 5-day losing streak, gains Rs75

Gold snaps 5-day losing streak, gains Rs75

New Delhi: Snapping five-day losing streak, gold prices recovered Rs75 to Rs27,840 per 10 gram in the national capital on Saturday on buying at lower levels amid firm trend overseas.

Buying in gold picked up after it recorded the biggest gain in almost two weeks in global markets on rising demand after an over 8% fall in the last four days.

Gold in global markets, which normally set price trend on the domestic front, rose by $28.60 to $1,599.20 dollar an ounce in New York on Friday night.

In addition, low level buying by retailers also supported the recovery move in gold prices.

On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs75 each to Rs27,840 and Rs27,700 per 10 grams respectively. The metal had lost Rs1,565 in last five trading sessions. Sovereign continued to be around the previous level of Rs23,200 per piece of eight gram.

On the other hand, silver ready declined by Rs100 to Rs53,000 per kg but weekly-based delivery rose by Rs100 to Rs53,700 per kg on scattered speculative buying.

Silver coins remained stable at Rs59,000 for buying and Rs60,000 for selling of 100 pieces in restricted activities.