Gold snaps four-day falling trend, recovers on global cues
Snapping 4-day falling streak,gold prices rose by Rs. 20 at Rs. 30,350 per 10 gram in New Delhi on Saturday on low level buying by stockists and retailers amid firm trend in global markets.
However, silver extended losses for the 5th day and fell further by Rs. 250 to Rs. 44,950 per kg.
Traders said the global prices were driven up amid tensions between Russia and the West over Ukraine, increasing demand for gold as a safe investment.
Gold in New York, which normally set price trend on the domestic front, rose by 0.4% to 1,336 dollar an ounce.
On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs. 20 each to reach Rs. 30,350 and Rs. 30,150 per ten gram respectively. It had lost Rs. 500 in last four days. Sovereign also rose by Rs. 50 at Rs. 25,250 per piece of eight gram.
On the other hand, silver ready fell by Rs. 250 to Rs. 44,950 per kg and weekly-based delivery by Rs. 270 to Rs. 44,650 per kg. The white metal had lost Rs. 2,000 in the previous four sessions.
Meanwhile, silver coins held steady at Rs. 84,000 for buying and Rs. 85,000 for selling of 100 pieces
anand maurya
pgdm-2sem.
Traders said the global prices were driven up amid tensions between Russia and the West over Ukraine, increasing demand for gold as a safe investment.
On the domestic front, gold of 99.9 and 99.5% purity recovered by Rs. 20 each to reach Rs. 30,350 and Rs. 30,150 per ten gram respectively. It had lost Rs. 500 in last four days. Sovereign also rose by Rs. 50 at Rs. 25,250 per piece of eight gram.
On the other hand, silver ready fell by Rs. 250 to Rs. 44,950 per kg and weekly-based delivery by Rs. 270 to Rs. 44,650 per kg. The white metal had lost Rs. 2,000 in the previous four sessions.
Meanwhile, silver coins held steady at Rs. 84,000 for buying and Rs. 85,000 for selling of 100 pieces
anand maurya
pgdm-2sem.
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