Tuesday, September 17, 2013

Gold prices snap 5-day losing streak, gain Rs 300 on global cues

Gold prices snapped their five-day losing streak on Tuesday, rising by Rs 300 to Rs 30,400 per 10 grams in the national capital, on revival in buying at existing lower levels.

Sentiment turned better after gold gained from a five-week low in global markets as a weaker dollar spurred demand for an alternate investment option.

Gold in London, which normally set price trend on the domestic front, rose 0.5 per cent to $1,319.75 an ounce and silver by 0.9 per cent to $22.00 an ounce.

In addition, revival of buying by stockists and investors at prevailing lower levels also supported the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 300 each to Rs 30,400 and Rs 30,200 per ten grams, respectively, after losing Rs 1,270 in last five sessions. However, sovereign held steady at Rs 25,000 per piece of eight gram in scattered deals.

Silver ready recovered by Rs 680 to Rs 50,210 per kg and weekly-based delivery by Rs 1,010 to Rs 50,060 per kg. The white metal had lost Rs 1,220 on Monday.

On the other hand, silver coins remained unchanged at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.
News From: http://www.7StarNews.com

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