Gold price rises on low-level buying, global cues

Mumbai-India (Nov 8)  Gold prices jumped by Rs 650, its biggest gain since June 20, to close at Rs 26,450 per 10 grams in the national capital today on emergence of buying by jewellers and retailers amidst a rebound in global markets.

Silver also recorded a significant recovery of Rs 650 to Rs 35,550 per kg on increased offtake by industrial units.

Bullion traders attributed the strong recovery in prices of precious metals to revival of buying at prevailing lower levels by jewellers and retailers amidst a rebound in global markets.

Globally, gold in New York, which normally sets price trend on the domestic front, rose 2.4 per cent to USD 1,169.80 an ounce, the biggest gain since June 19, after US employers added fewer jobs than forecast, reviving demand for a safe-haven.

Silver also rose two per cent to USD 15.71 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity zoomed by Rs 650 each to Rs 26,450 and Rs 26,250 per 10 grams, respectively.

 Sovereign also gained Rs 100 at Rs 23,700 per piece of eight gram.

Meanwhile, gold had slumped to over four-year low of Rs 25,800 per 10 grams in yesterday’s trade.

Also, silver ready spurted by Rs 650 to Rs 35,550 per kg and weekly-based delivery by Rs 395 to Rs 34,795 per kg.

Silver coins, however, lacked necessary buying support and traded lower by Rs 1,000 at Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.

Source:  Financial