Gold prices recovered by R110 to R31,010 per 10 gm on emergence of buying by stockists at existing lower levels, driven by firm global cues. Silver also strengthened by R200 to R57,700 per kg on increased offtake by industrial units and coin makers. Marketmen said, besides emergence of buying by stockists and retailers at existing lower levels, firm global trend fuelled the trading sentiment. Increased offtake by industrial units helped silver to strengthen, they said.
Gold bulls strongest since August
Gold traders are the most bullish in four months as US lawmakers near a deadline for budget talks, at a time when hedge funds are cutting bets on higher prices.
Fifteen of 19 analysts surveyed by Bloomberg expect prices to rise next week and one was bearish. A further three were neutral, making the proportion of bulls the highest since August 24. Investors bought 60 percent more this year through gold- backed exchange-traded products compared with 2011, boosting holdings to a record on December 20 and which are now valued at $140.5 billion, Bloomberg said. Bullion is headed for a 12th consecutive annual gain, the longest run in at least nine decades, as central banks from Europe to China pledge more steps.