Gold snaps two-day falling trend, recovers on global cues

Last Updated: Sat, Mar 16, 2013 09:39 hrs

After two day of falling trend, gold prices recovered by Rs 80 to Rs 30,010 per ten grams in the national capital today on stockists buying amid a firm global trend.

However, silver continued to slide for third day and lost Rs 275 to Rs 54,475 per kg on lack of buying support from industrial units and coin makers.

Traders said besides buying by stockists, a firming global trend mainly influenced gold.

Gold in New York, which normally set price trend on the domestic front, added 0.1 per cent to USD 1,592.60 an ounce.

They said reduced offtake by industrial units and coin makers kept silver prices down for the third straight day.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 80 each to Rs 30,010 and Rs 29,810 per ten grams, respectively. It had lost Rs 70 in last two days. Sovereign held steady at Rs 25,250 per piece of eight gram.

On the other hand, silver ready fell for the third day and lost Rs 275 to Rs 54,475 per kg and weekly-base delivery by Rs 120 to Rs 54,300 per kg. The white metal had lost 350 in the previous two sessions.

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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