Gold price regains sheen on global cues, wedding demand

Mumbai-India (Feb 23)  Gold prices recovered by Rs.100 to Rs.29,850 per 10 grams at the bullion market on Thursday on positive global cues and uptick in demand from local jewellers.

 Silver also rebounded by Rs.100 to Rs.43,200 per kg due to increased offtake by industrial units and coin makers.

 Bullion traders attributed the recovery in gold prices to a firm trend overseas amid increased buying by local jewellers to meet ongoing marriage season demand.

 Globally, gold rose 0.15 per cent to $1,237.20 an ounce and silver spurted 0.28 per cent to $17.98 an ounce in New York in Wednesday's trade.

 In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs.100 each to Rs.29,850 and Rs.29,700 per 10 grams, respectively. It had lost Rs.200 on Thursday.

 Sovereign, however, remained steady at Rs.24,500 per piece of eight grams.

 Silver ready too edged up by Rs.100 to Rs.43,200 per kg, while weekly-based delivery shed Rs.65 to Rs.42,590 per kg for want of support from speculators.

 Silver coins, however, continued to trade at previous level of Rs.73,000 for buying and Rs.74,000 for selling of 100 pieces.

Source: TheStatesman