The Hindu Business Line : Gold, silver up on weak rupee

BUCKING the trend in other markets, gold and silver prices regained partially on Tuesday, because of weakening rupee value against dollar. Today's gain is significant as the bullion prices were on a downslide over the past week.

Silver prices, which lost 5.34 per cent or Rs 495 per kg past six days, regained Rs 220 to end at Rs 9,265 per kg on Tuesday. Also, gold standard, which fell nearly 3 per cent or Rs 170 per 10 gm in six days, finished Rs 75 higher at Rs 5,675 per 10 gram.

"As a result of steep fall in rupee value over the past two days, landing cost of both precious metals have gone up, leaving hardly any margin for imports," a leading dealer said.

At present, landing cost works out to Rs 5,680 per 10 gm. "The overall demand for gold was good but supply was restricted. There is a hand-to-mouth situation. Average daily inflows of gold were around 750 kg past one week," another dealer said.

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