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Gold recovers by Rs 440 on low-level buying

Source : PTI
Last Updated: Tue, Sep 03, 2013 10:39 hrs
Gold

Snapping four-day of losses, gold prices recovered by Rs 440 to Rs 31,540 per ten gram here today on revival of buying by stockists and investors at existing lower levels.

Silver rose further by Rs 1,080 to Rs 55,430 per kg on sustained offtake by industrial units.

Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.

Weak rupee against the dollar, which is making the import of gold costlier, also influenced gold prices, they said.

Buying activity was strong enough and ignored a firming global trend, which normally set price trend on the domestic front, they added.

Gold in London fell by 0.3 per cent to 1,387.45 dollar an ounce and silver by 0.3 per cent to 24.07 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity staged a strong comeback and surged by Rs 440 each to Rs 31,540 and Rs 31,340 per ten gram, respectively. It had lost Rs 3,885 in last four trading session. Sovereign held steady at Rs 25,100 per piece of eight gram.

Silver ready jumped up further by Rs 1,090 to Rs 55,430 per kg and weekly-based delivery by Rs 1,380 to Rs 57,340 per kg. The white metal had gained Rs 420 yesterday.

However, silver coins lacked necessary follow up support at prevailing higher levels and plunged by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

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