Gold prices recover marginally; silver remains higher

July 31, 2014

Mumbai-India (July 31)  Gold prices witnessed a modest rebound of Rs 45 to Rs 28,245 after declining for two days at the bullion market on Thursday following renewed buying from jewellery stockists and retail consumers to meet festive season demand.

Silver also strengthened by Rs 100 to Rs 44,900 per kg on increased off take by industrial units and coin makers.

Marketmen said emergence of buying at prevailing levels by jewellers and retailers to meet upcoming festive season demand mainly supported the upside in gold prices.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 45 each to Rs 28,245 and Rs 28,045 per ten grams, respectively. It had lost Rs 170 in previous two days.

Sovereign, however, remained steady at Rs 24,700 per piece of eight grams in restricted activity.

In line with a better trend, silver ready advanced by Rs 100 to Rs 44,900 per kg and weekly-based delivery by Rs 125 to Rs 44,360 per kg. The white metal had gained Rs 400 on Wednesay.

Silver coins, however, continued to be asked at level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Source: TheHindu

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