Gold price glitters on jewellers' buying, positve global cues

Mumbai-India (Oct 10)  Snapping its four-day falling streak, gold rebounded by Rs 170 to trade at Rs 30,410 per 10 grams at the bullion market today.

 Analysts attributed the recovery in gold prices to increased buying by ornament makers and retailers, triggered by ongoing festive season.  

Silver also advanced by Rs 450 to Rs 42,750 per kg on increased offtake by industrial units and coin makers.

 Moreoever, a firm global trend where the precious metal rebounded from its biggest weekly decline this year and dollar's fall for a second day too supported the upmove, they added.

 Globally, gold rose 0.46 per cent to USD 1,263.40 an ounce in Singapore.

 In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 170 each to Rs 30,410 and Rs 30,260 per 10 gram, respectively. The metal had lost Rs 1,010 in the previous four days.

 Sovereign also went up by Rs 100 to Rs 24,400 per piece of eight grams.

 Following gold, silver ready strengthened by Rs 450 to Rs 42,750 per kg and weekly-based delivery by Rs 520 to Rs 42,385 per kg.

Silver coins, however, held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Source: BusinessStandard