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| Gold, silver coins recover on retail buying, firm global cues |
| Press Trust of India / New Delhi Jul 29, 2010, 15:55 IST |
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Snapping a four-day losing streak, gold recovered by Rs 85 to Rs 18,085 per ten grams in the capital today on emergence of buying by retail customers at existing lower levels amid a firming global trend.
The precious metal had lost Rs 600 over the last four trading sessions.
"Buying activity is picking up gradually for the (Shravan) festival, as retail customers are looking for opportunity," said Delhi-based jeweller Suresh Verma.
He said the fall in the last few sessions was linked to global markets, where gold dipped below the psychological level of $1,200 an ounce. Gold had fallen to $1,156.90 in New York in the previous session.
However, Verma said the 0.3 per cent rise of gold in overseas markets to $1,166.75 an ounce today influenced the recovery in buying activity in domestic markets.
Gold of 99.99 purity and 99.5 purity recovered by Rs 85 each to Rs 18,085 and Rs 17,985 per ten grams respectively. Sovereigns gained Rs 100 to Rs 14,600 per piece of eight gram.
Verma said demand for bullion might rise further in the coming days on account of the approaching marriage season. A higher trend in futures trading further influenced the trading sentiment.
In sharp contrast, silver fell by Rs 150 to Rs 28,550 per kg and weekly-based delivery lost Rs 190 to Rs 28,290 per kg.
However, silver coins gained ground on emergence of buying for the ongoing festival, said silver merchant Ravi Jalan. Silver coins spurted by Rs 500 to Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces.
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