Gold zooms by Rs 225 on low level buying, silver up Rs 190

Last Updated: Sat, Oct 27, 2012 10:19 hrs

Breaking a five-day long falling streak, gold prices today rose by Rs 225 to Rs 31,425 per 10 grams in the bullion market here on emergence of buying at lower levels amid a firming global trend.

Silver also gained Rs 190 to Rs 59,640 per kg on increased offtake by industrial units and coins manufacturers.

Traders said low level buying by stockists and retailers for the upcoming festivals and wedding season amid a positive trend in overseas markets led to a rise in both precious metals.

In New York, gold traded higher by 0.05 per cent to USD 1,711.10 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered sharply by Rs 225 each to Rs 31,425 and Rs 31,225 per 10 grams, respectively. The metal had lost Rs 525 in last five trading sessions.

Sovereigns followed suit and rose by Rs 50 to Rs 25,450 per piece of eight grams.

Silver ready rose by Rs 190 to Rs 59,640 per kg and weekly-based delivery by Rs 350 to Rs 59,800 per kg.

Silver coins held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

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