Precious metals recoup losses on renewed buying interest

Last Updated: Sat, Mar 02, 2013 11:42 hrs

Gold prices spurted after a two-day slide at the domestic bullion market here, reclaiming most of its earlier losses on heavy demand from stockists and traders amid robust retail investment buying.

Silver also witnessed aggressive speculative buying activity and retraced the Rs 55,000 per kg mark.

Standard gold of 99.5 per cent purity rose by Rs 215 to conclude at Rs 29,625 per 10 gm from Friday's closing level of Rs 29,410.

Pure gold of 99.9 per cent purity also surged by Rs 220 to finish at Rs 29,765 per 10 gm from Rs 29,545 previously.

Silver ready (.999 fineness) jumped by Rs 995 to end at Rs 55,605 per kg compared to Rs 54,610 yesterday.

Meanwhile, the shiny metal remained under immense selling pressure in overseas trade due to improving US economic environment and strong dollar valuations despite ongoing concerns over US budget spending cuts.

Gold for April delivery dropped USD 5.80 to close at USD 1,572.30 an ounce on the Comex division of the NYMEX late yesterday, while silver for the May contract gained to settle at USD 28.49 an ounce.

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