News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 9 years ago
Rediff.com  » Business » Gold recovers on global cues; silver falls on reduced offtake

Gold recovers on global cues; silver falls on reduced offtake

Source: PTI
January 03, 2015 16:21 IST
Get Rediff News in your Inbox:

Gold barsAfter two day of losses, gold staged a comeback to trade Rs 135 higher at Rs 27,160 per 10 gram at the bullion market on Friday.

This was on emergence of buying by jewellers and retailers at existing levels amid a rebound in global markets.

Silver, however, fell by Rs 365 to Rs 36.235 per kg on lack of buying support from industrial units and coin makers.

Traders said besides fresh spell of buying by jewellers and retailers, a firming trend in global markets on lower US equities boosting demand for the precious metal as an alternative investment, buoyed the sentiment.

Gold in New York, which normally set price trend on the domestic front, rose by 0.2 per cent to $1,186.20 an ounce and silver by 1.1 per cent to $15.76 an ounce in Thursday's trade.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 135 each to Rs 27,160 and Rs 26,960 per ten gram respectively.

It had lost Rs 175 in last two days.     

Sovereign, however, remained flat at Rs 23,700 per piece of eight gram in scattered deals.

On the the other hand, silver ready met with resistance and dropped by Rs 365 to Rs 36,235 per kg and weekly-based delivery by Rs 235 to Rs 36,235 per kg.

Meanwhile, silver coins ruled steady at Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

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: New York, Delhi, US
 

Moneywiz Live!