India: Gold regains Rs. 29K-level on global cues, wedding season demand

Mumbai-India (Feb 24)  Snapping its three-day losing streak, gold prices rebounded by Rs. 190 to close at Rs. 29,100 per 10 grams at the bullion market on Wednesday amid firm global cues and wedding season demand from domestic jewellers.

However, silver eased by Rs. 150 to Rs. 37,100 per kg lacking necessary buying from industrial units.

Bullion traders said a firming trend overseas where gold held an advance as stocks and crude oil retreated, boosting demand for haven assets, and investors weighed economic data from the U.S. that could provide clues on whether the Federal Reserve will raise interest rates this year, mainly buoyed sentiment here.

Globally, gold traded tad higher at $1,229.11 an ounce from $1,226.85 on Tuesday in Singapore.

In addition, fresh buying from jewellers as well as retailers in view of wedding season, supported the upside in gold, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity bounced back by Rs. 190 each to Rs. 29,100 and Rs. 28,950 per ten grams respectively. The precious metal had lost Rs. 380 in the previous three sessions.

Sovereign, however, remained steady at Rs. 22,900 per piece of eight grams in limited deals.

On the other hand, silver ready declined by Rs. 150 to Rs 37,100 per kg and weekly-based delivery shed Rs. 95 at Rs. 37,065 per kg.

Silver coins were unaltered at Rs. 54,000 for buying and Rs. 55,000 for selling of 100 pieces.

Source: TheHindu