Gold & Silver

Gold, silver bounce back on global cues

PTI Mumbai | Updated on March 12, 2018

gold bar

Snapping its three-day falling streak, gold bounced back smartly by Rs 1,135/10 gm here on Friday on hectic speculative buying by investors triggered by recovery in global markets.

Silver also jumped on foot-step with the precious metal.

Heavy buyout

The recent sharp fall in gold mainly attracted investors and traders for heavy buyout amidst rebound at the overseas.

The metal lost Rs 2,475 in three days from its Tuesday's record level of Rs 28,145 per 10 gm.

German factor

The metal also got a push from rumours that Germany might be downgraded by the rating agencies on sovereign debt concerns.

Standard gold (99.5 purity) shot up by Rs 1,135 per 10 gm to end at Rs 26,805 from Thursday's closing level of Rs 25,670.

Pure gold (99.9 purity) also zoomed by a similar margin of Rs 1,135 per 10 gm to finish at Rs 26,930 from overnight closing level of Rs 25,795.

Silver ready (.999 fineness) galloped by Rs 2,940 per kg to conclude at Rs 63,485 from Rs 60,545 previously.

Published on August 26, 2011

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