Gold recovers on fresh buying, firm global cues
Gold of 99.9 and 99.5% purity recovered by Rs240 each to Rs31,060 and Rs30,860 per 10 gram, respectively
New Delhi: Snapping three-day losing streak, gold prices on Friday recovered by Rs240 to Rs31,060 per ten gram in New Delhi on buying by stockists and retailers at existing lower levels amid a firm global trend. Silver also recovered by Rs280 to Rs47,330 per kg on increased offtake by industrial units.
Marketmen said revival of buying by stockists and local parties at existing lower levels amid a firm global trend where gold climbed to four-month high ahead of US payrolls data mainly influenced the sentiment.
Gold in Singapore, which normally sets price trend on the domestic front, traded marginally higher at $1,351.05 an ounce from $1,350.85 on Friday.
On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs240 each to Rs31,060 and Rs30,860 per ten gram, respectively. It had lost Rs480 in last three days. Sovereign, however, held steady at Rs25,400 per piece of eight gram.
Silver ready recovered by Rs280 to Rs47,330 per kg and weekly-based delivery by Rs380 to Rs47,230 per kg. The white metal had lost 350 on Friday.
Silver coins continued to be asked at last level of Rs87,000 for buying and Rs88,000 for selling of 100 pieces.
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