Sunday, April 14, 2013

Gold and silver rebound on low level buying, global cues

NEW DELHI, April 14, 2013 PTI

Gold and silver prices rebounded in the national capital on Friday on emergence of stockists buying at existing lower levels driven by ongoing "Navratras" festival amid a firm global trend.

While gold recovered by Rs 130 to Rs 29,600 per ten grams, silver rose by Rs 325 to Rs 52,600 per kg on increased offtake by jewellers and industrial units.

Traders said emergence of buying at existing lower levels amid a firming global trend mainly led a recovery move in both gold and silver prices.

Gold in overseas markets, which normally sets price trend on the domestic front, rose by USD 1.70 to USD 1561 an ounce and silver by 0.04 per cent to USD 27.66 an ounce in New York last night.

In addition, some investors shifting their funds from weakening equities to bullion further fuelled the uptrend, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 130 each to Rs 29,600 and Rs 29,400 per ten grams, respectively.

The yellow metal had tumbled by Rs 505 yesterday.

Sovereign remained stable at Rs 25,100 per piece of eight gram in limited deals.

In line with a general firm trend, silver ready rebounded by Rs 325 to Rs 52,600 per kg and weekly-based delivery by Rs 150 to Rs 51,525 per kg. The white metal had plunged by Rs 875 in last trading session.

Meanwhile, silver coins continued to be asked around previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces on lack of buying support.
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