The Hindu Business Line : Gold prices gain on firming overseas trend

NEW DELHI: Gold prices gained to recover part of its previous losses in the bullion market today on emergence of stockists buying influenced by a firming global trend and jewellers buying.

The precious metal gained Rs 50 at Rs 14,730 per ten gram and silver by Rs 50 to Rs 22,000per kg after reports the bullion prices in overseas markets as weaker dollar spur demand.

In previous day's trading, the gold had lost Rs 120 per ten gram and silver by Rs 700 per kg. The gold prices rose backed by reports the metal in the U.S. markets rose over $14 at $42.60 an ounce after the U.S. currency fell for fifth straight day agai nst leading currencies.

Buying activity picked up as the falling metals reached to attractive low levels. A volatile trend at equity markets also advised investors to shift their funds to the bullion as a safe haven.

Standard gold and ornaments rose by Rs 50 each at Rs 14,750 and Rs 14,580 per ten gram respectively. Sovereign held unchanged at Rs 12,300 per piece of eight gram.

Silver ready rose by rs 50 at Rs 22,100 per kg and weekly-based delivery by Rs 100 at Rs 22,200 per kg. Silver coins continued to be asked at previous levels of Rs 28,800 for buying and rs 28,900 for selling of 100 pieces. - PTI

Prev: SAIL, RINL seeks govt's green signal to hire ships
Next: Wipro warns job seekers against bogus e-mails

Business Line | NUS Index |

Copyright copy; 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line