Gold price and silver bounce on global cues, jewellers’ buying

Mumbai-India (Jan 25)  After a two-day slide, gold prices rebounded Rs. 140 to Rs. 26,750 per 10 grams at the bullion market today, tracking a firm trend overseas and fresh bouts of buying by jewellery stockists to meet wedding season demand.

Silver followed suit and edged higher by Rs. 190 to Rs. 34,500 per kg on increased off-take by industrial units and coin makers.

Bullion traders said the firming global trend in anticipation of better prospects of the metal as a safe haven and the continued rally in Asian equities boosted sentiment.

Globally, the yellow metal climbed 0.3 per cent to USD 1,101.04 an ounce and silver added 0.5 per cent to USD 14.09 an ounce in Singapore.

Besides, emergence of buying by jewellery stockists and retailers to meet ongoing wedding season demand supported the uptrend in the precious metal prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs. 140 each to Rs. 26,750 and Rs. 26,600 per 10 grams, respectively. The precious metal had lost Rs. 290 in the past two days.

Sovereign, however, continued to be traded at previous level of Rs. 22,400 per piece of eight grams in scattered deals.

Tracking gold, silver ready went up Rs. 190 to Rs.34,500 per kg and weekly-based delivery Rs. 120 to Rs. 34,345.

On the other hand, silver coins remained unaltered at Rs. 49,000 for buy and Rs. 50,000 for sale of 100 pieces.

Source: TheHindu