Gold, silver rebound on firm global cues

PTI New Delhi | Updated on March 18, 2011

Both the precious metals, gold and silver, recovered sharply at the bullion market today, buoyed by a firm global trend. While gold rose by Rs 180 to Rs 21,050 per 10 grams, silver surged by Rs 950 to Rs 52,950 per kg.

Trading sentiment turned bullish for the yellow metal after it advanced in the global markets, triggered by the unrest in West Asia and Japan’s nuclear crisis boosting the demand for precious metals as an alternative investment.

Gold in global markets, which normally sets the price trend at the domestic front, gained 0.6 per cent to $1,412.80 and ounce and silver increased by 1.3 per cent to $34.71 an ounce.

At the domestic front, silver ready climbed by Rs 950 to Rs 52,950 per kg, while weekly-based delivery spurted by Rs 885 to Rs 52,675 per kg. Silver coins also rallied by Rs 700 to Rs 57,300 for buying and Rs 57,800 for selling of 100 pieces.

In line with a firming trend, gold of 99.9 and 99.5 per cent purity surged by Rs 180 each to Rs 21,050 and Rs 20,930 per 10 grams, respectively. Sovereigns, too, traded higher by Rs 100 to Rs 17,400 per piece of eight grams.

Published on March 18, 2011

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