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Rediff.com  » Business » Gold, silver prices rebound on weak rupee

Gold, silver prices rebound on weak rupee

June 18, 2013 16:24 IST

GoldBoth the precious metals, gold and silver, rebounded in New Delhi on Tuesday on stockists buying amid concerns over weakening rupee.

While gold surged by Rs 230 to Rs 28,480 per 10 grams, silver gained Rs 250 to Rs 44,600 per kg on increased offtake.

Traders attributed the rise in both gold and silver prices to a weak rupee against dollar, which made the imports costlier.

They said fresh buying by stockists and retailers further influenced the market sentiment.

The rupee weakened by 59 paise to 58.46 against the American currency, making dollar-denominated precious metals costlier while importing.

In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 230 each to Rs 28,480 and Rs 28,280 per 10 grams, respectively.

It shed Rs 50 on Monday.

Sovereign held steady at Rs 24,400 per piece of eight gram.

Silver ready rose by Rs 250 to Rs 44,600 per kg and weekly-based delivery by Rs 85 to Rs 43,810 per kg.

The white metal had lost Rs 250 in the previous session.

Silver coins also spurted by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

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Tags: New Delhi