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Gold bounces from 10-mth low, scattered buying saves the day

Gold prices rebounded from a 10-month low by climbing Rs.180 to Rs.27,930 per 10 grams on Saturday, taking cues from…

Gold bounces from 10-mth low, scattered buying saves the day

(Getty Images)

Gold prices rebounded from a 10-month low by climbing Rs.180 to Rs.27,930 per 10 grams on Saturday, taking cues from a firm trend overseas amid scattered buying by local jewellers.
Silver, too, edged up by Rs.50 to Rs.39,650 per kg on uptick in demand from industrial units.
The recovery in gold prices, according to traders, was mostly because of the rising trend overseas and emergence of selective buying by jewellers at the domestic spot market.
Globally, gold rose 0.57 per cent to USD 1,134.60 an ounce and silver by 0.75 per cent to USD 16.07 in New York on Friday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity recouped Rs.180 each at Rs 27,930 and Rs.27,780 per 10 grams, respectively.
Sovereign, however, remained flat at Rs.24,000 per piece of eight grams.
Silver ready followed gold as it recovered Rs.50 to Rs.39,650 per kg and weekly-based delivery Rs 10 to Rs.39,695.
On the other hand, silver coins lacked necessary buying support and plunged by Rs.1,000 to Rs.70,000 for buying and Rs.71,000 for selling of 100 pieces.

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