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Gold prices recover on firming global trend

Source : PTI
Last Updated: Wed, Dec 12, 2012 10:46 hrs
A salesman displays gold chains at a jewellery showroom in the southern Indian city of Hyderabad

New Delhi: Tracking a firming global trend, gold prices recovered by Rs 55 to Rs 31,680 per ten gram in the national capital on Wednesday on retail customer purchases for the ongoing marriage season.

Gold rates, which had lost Rs 25 in the previous session, bounced back on local buying for the marriage season and a firming trend in overseas markets as the US Fed concludes a two-day policy meeting that may see announcement of more stimulus measures.

Gold price in overseas markets, which normally sets the price trend on the domestic front, advanced by 0.2 per cent to USD 1,713.35 an ounce in Singapore.

With the general firming trend, silver prices rose on emergence of buying by industrial units and coin makers.

In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 55 each to Rs 31,680 and Rs 31,480 per ten gram respectively. Sovereign rate was unchanged at Rs 25,500 per piece of eight gram.

Silver ready price shot up by Rs 300 to Rs 62,000 per kg, while weekly-based delivery fell by Rs 210 to Rs 62,330 per kg. Silver coins continued to be asked at last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.


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