Gold gains Rs 200 on strong global cues

Gold gains Rs 200 on strong global cues

Snapping its two-day falling trend, gold prices recovered by Rs 200 to Rs 31,300 per ten grams in the national capital today on brisk buying by stockists and strong global cues.

Silver also rose by Rs 600 to Rs 47,900 per kg on increased offtake by industrial units and coin makers.

Traders said brisk buying by stockists driven by strong global trend, where gold advanced following tensions in Ukraine, mainly boosted the trading sentiment here.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 1.7 per cent to USD 1,348.58 an ounce, the highest since October 30 and silver by 1.7 per cent to USD 21.59 an ounce, led to an upsurge in gold and silver prices here.

Shifting of funds from weakening equities to rising bullion also influenced the sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 200 each to Rs 31,300 and Rs 31,100 per ten grams, respectively after losing Rs 400 in last two trades.

Sovereign also recovered by Rs 50 to Rs 25,500 per piece of eight grams.

Silver ready rose further by Rs 600 to Rs 47,900 per kg while weekly-based delivery jumped by Rs 1,740 to Rs 48,100 per kg on speculative buying support. The white metal had gained Rs 740 in the previous session.

Silver coins also spurted by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.

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