Gold price sees biggest single-day gain this year

December 2, 2014

New Delhi-India (Dec 2)   Posting this year's biggest single-day rise of Rs 840, gold on Tuesday regained the Rs 27,000-per-ten-gram level after a gap of over one month in the national capital, tracking rebounds in global markets.

 In addition, pick-up in domestic demand from jewellers and retailers for the wedding season also buoyed sentiment.

 After losing Rs 730 in last six sessions after the RBI eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.

Silver also recorded a significant gain of Rs 2,700 to Rs 37,000 per kg on increased offtake by industrial units and coin makers.

 Sentiment bolstered after gold surged by 3.69 per cent, its biggest gain since September 19, to USD 1,218.10 an ounce in New York yesterday, as rebound in crude price revived demand for the precious metal as stores of value, bullion traders said.

 Globally, silver also surged 7.3 per cent to USD 16.69 an ounce yesterday, the highest gain since September 2013.

 Besides, rising domestic demand from jewellers and retailers for the ongoing wedding season too influenced precious metal prices, they said.

 In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 840 each to Rs 27,040 and Rs 26,840 per ten grams respectively.

 Sovereign moved up by Rs 100 to Rs 23,700 per piece of eight gram.

 Following gold, silver ready spurted by Rs 2,700 to Rs 37,000 per kg and weekly-based delivery by Rs 2,420 to Rs 36,340 per kg.

 Silver coins recovered sharply by Rs 3,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Source: IndiaTimes

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