Gold gains Rs 230 on global cues, seasonal demand

New Delhi-India (Aug 26)   Snapping its nine-day losing streak, gold prices recovered by Rs 230 to Rs 28,260 per 10 grams in the national capital today on a firming trend overseas and emergence of buying by jewellers and retailers at existing levels.

 Silver also rose by Rs 400 to Rs 43,000 per kg on increased offtake by industrial units and coin makers.

 Traders said rebound in gold prices was mostly in tandem with a firming global trend on speculation that prices near a two-month low will spur purchases.

 Besides, emergence of buying by jewellers as well as retailers to meet seasonal demand, influenced gold prices, they said.

 Gold in Singapore, which normally determines price trend on the domestic front, rose by one per cent to $1,289.06 an ounce and silver by one per cent to $19.54 an ounce.

 In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 230 each to Rs 28,26 ..

Source:  IndianTimes