Wednesday, May 22, 2013

Gold recovers from 21-month lows; jumps by Rs 680

New Delhi: 22 May 2013

Gold prices on Tuesday jumped sharply by Rs 680 to Rs 27,050 per ten grams in the bullion market here on heavy buying by stockists and retail customers amid a sharp rebound on the global front.

Recovering from from a 31-month lows, silver spurted by Rs 2,030 to Rs 44,200 per kg. Gold had plunged to 21-month lows in the previous session which triggered the value buying, traders said.

Prices rebounded on the global front as investors covered their short positions created in the recent bear market which also improved the sentiment, they added. Gold in New York, which normally sets price trend on the domestic front, spurted by 33.90 dollar to 1394.10 dollar an ounce and silver by 2.96 percent to 22.92 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 percent purity rebounded by Rs 680 each to Rs 27,050 and Rs 26,850 per ten grams respectively. The metal had lost Rs 440 in last two session. Sovereign followed suit and gained Rs 200 to Rs 23,700 per piece of eight gram.

In a similar fashion, silver ready spurted by Rs 2030 to Rs 44,200 per kg and weekly-based delivery by Rs 2205 to Rs 43,375 per kg. The metal had lost Rs 1,530 yesterday. Silver coins jump of Rs 3,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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