Gold prices recover on firm global cues, fresh buying

Mumbai-India (Dec 29)  Gold prices recovered Rs 45 to Rs 25,650 per 10 grams at the bullion market on Tuesday tracking a firm global trend, amid fresh buying by jewellers at the domestic spot market.

However, silver lacked buying support and plunged by Rs 330 to Rs 33,650 per kg.

Traders said that apart from a firm global trend, emergence of buying by jewellers gave the recovery a leg-up.

Globally, gold rose 0.5% to $1,074.39 an ounce (nearly Rs 71,285.78 ) in Singapore.

In the national capital, gold of 99.9% and 99.5% purity edged up by Rs 45 each to Rs 25,650 and Rs 25,500 per 10 grams, respectively. The metal had lost Rs 85 on Monday.

The sovereign, however, continued to be fetched at the previous level of Rs 22,200 per piece of eight grams.

On the other hand, silver ready dropped by Rs 330 to Rs 33,650 per kg and weekly-based delivery by Rs 305 to Rs 33,745 per kg.

Meanwhile, silver coins remained flat at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces in scattered deals. 

Source: TheHindu