Gold price bounces Rs 210 on global cues, buying uptick

December 4, 2015

Mumbai-India (Dec 4)  Gold got back some of its sheen after two days of weakness by rising Rs 210 to Rs 25,560 per 10 grams at the bullion market today, tracking a firm trend overseas amid buying by jewellers for the ongoing wedding season.

The rupee pushed down to over two-year low against the dollar, making imports costlier, which too lifted gold prices. Silver followed suit and recovered Rs 400 to Rs 34,100 per kg on higher offtake by industrial units and coin makers.

Bullion traders said a firm global trend ahead of the US jobs data for November due for release later today, which could offer clues on US Fed policy action, led to the recovery in the precious metal prices.

Globally, gold climbed 0.3 percent to USD 1,065.12 an ounce in Singapore while the precious metal ended 0.80 percent higher at USD 1,061.60 an ounce in New York yesterday. In the national capital, gold of 99.9 percent and 99.5 percent purity rose 210 each to Rs 25,560 and Rs 25,410 per 10 grams, respectively.

The metal had lost Rs 350 in the previous two days. The sovereign, however, ruled steady at Rs 22,200 per piece of eight grams. In a similar fashion, silver ready regained the Rs 34,000-mark by rising Rs 400 to close at Rs 34,100 per kg and weekly-based delivery by Rs 360 at Rs 33,600 per kg.

Silver coins too climbed Rs 1,000 to Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.

Source: MoneyControl

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