Gold price recovers on wedding demand amid firm global cues

Mumbai-India (Feb 16)  Gold prices on Monday recovered by Rs 70 to trade at Rs 27,700 per ten gram at the bullion market, largely supported by wedding season demand from jewellers and retailers amid a firming trend overseas.

Traders said increased buying by jewellers as well as retailers, triggered by ongoing wedding season and a firming global trend, helped the precious metal to trade higher.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.3 per cent to US $ 1,233.82 an ounce.

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In the national capital, gold of 99.9 and 99.5 per cent purity climbed up by Rs 70 each to Rs 27,700 and Rs 27,500 per ten gram respectively. The yellow metal had shed Rs 40 in the previous trading session.

Sovereign followed suit and edged higher by Rs 50 to Rs 23,750 per piece of eight gram.

Silver prices rose for the third day by gaining Rs 200 to Rs 38,900 per kg on continued buying by coin makers and other consuming industries.

In line with a firming trend, silver ready advanced by Rs 200 to Rs 38,900 per kg and weekly-based delivery by Rs 90 to Rs 38,275 per kg.

Silver coins also spurted by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Source: BusinessToday.india