News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 8 years ago
Rediff.com  » Business » Gold recovers as demand hardens, silver retraces Rs 40k-level

Gold recovers as demand hardens, silver retraces Rs 40k-level

Source: PTI
May 16, 2015 19:02 IST
Get Rediff News in your Inbox:

Gold prices recovered smartly at the domestic bullion market here today on fresh buying by jewellery stockists and retailers amid ongoing seasonal demand on the back of firm global cues.

Silver shot up and retraced the Rs 40,180 per kg level after 3-1/2 mths on heavy speculative buying, coupled with sustained industrial offtake.

Silver had last touched Rs 40k-level and ended at Rs 40,040 as on January 28, 2015.

Standard gold (99.5 purity) climbed Rs 155 to close at Rs 27,445 per 10 grams from Friday's closing level of Rs 27,290. Pure gold (99.9 purity) also rose a similar margin to close at Rs 27,595 per 10 grams from Rs 27,440 earlier.

Silver (.999 fineness) surged Rs 295 to end at Rs 40,180 per kg as against Rs 39,885 yesterday.

On the global front,the yellow metal turned higher during yesterday's final minutes of trading to climb in a flash for the session and tally a more than 3 per cent gain for the week.

Prices found support from a weaker US dollar as investors assessed the latest economic data and their influence on the metal's investment appeal. Gold for June delivery settled at $1,225.30 an ounce on the comex division of the NYMEX late yesterday while the silver July contract added $17.563 an ounce.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
Related News: NYMEX, US
 

Moneywiz Live!