1. Gold recovers on global cues, uptick in wedding season demand

Gold recovers on global cues, uptick in wedding season demand

Bullion traders said a firm global trend as investors priced in a US interest-rate hike this month and emergence of buying by jewellers to meet wedding season demand mainly led to recovery in the precious metal prices.

By: | New Delhi | Published: December 9, 2015 3:38 PM
gold bond

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 65 each to Rs 25,840 and Rs 25,690 per 10 grams, respectively. (Reuters photo)

After falling for two days, gold recovered by Rs 65 to Rs 25,840 per 10 grams at the bullion market today, tracking a firm trend overseas amid fresh purchases by jewellers for the ongoing wedding season.

However, silver continued its slide and fell by another Rs 225 to Rs 34,200 per kg.

Bullion traders said a firm global trend as investors priced in a US interest-rate hike this month and emergence of buying by jewellers to meet wedding season demand mainly led to recovery in the precious metal prices.

Globally, gold gained 0.4 per cent to USD 1,078.69 an ounce in Singapore, while it rose 0.15 per cent to USD 1076.20 an ounce in London in early trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 65 each to Rs 25,840 and Rs 25,690 per 10 grams, respectively. The metal had lost Rs 225 in the previous two days.

The sovereign however remained steady at Rs 22,200 per piece of eight grams.

On the other hand, silver ready drifted by Rs 225 to Rs 34,200 per kg and weekly-based delivery by Rs 240 to Rs 34,360 per kg.

Meanwhile, silver coins spurted by Rs 1,000 to Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.

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