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Gold price rebounds on seasonal demand, global cues

Feb 05 2013, 16:33 IST
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Snapping a three-day losing streak, gold prices rebounded by Rs 200 to Rs 30,950 per ten grams. (Reuters) Snapping a three-day losing streak, gold prices rebounded by Rs 200 to Rs 30,950 per ten grams. (Reuters)
SummarySnapping a three-day losing streak, gold prices rebounded by Rs 200 to Rs 30,950 per ten grams.

Snapping a three-day losing streak, gold prices rebounded by Rs 200 to Rs 30,950 per ten grams in the national capital today on pick up in marriage season demand amid a firm global trend.

Silver followed suit and recovered Rs 295 to Rs 58,600 per kg on increased offtake by industrial units and coin makers.

However, gold had lost Rs 295 and silver Rs 675 in last three sessions.

Traders said pick up in demand in view of marriage season amid a firming global trend mainly led a recovery in both gold and silver prices.

Gold in overseas markets, which normally set price trend on the domestic front, rose by USD 6.80 to USD 1674.40 an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity jumped by Rs 200 each to Rs 30,950 and Rs 30,750 per ten grams respectively. Sovereign rose by Rs 50 to Rs 25,350 per piece of eight gram.

In a similar fashion, silver ready recovered by Rs 295 to Rs 58,600 per kg but weekly-based delivery shed Rs 80 at Rs 58,320 per kg on lack of speculative buying support.

Silver coins spurted by Rs 1000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces following upswing in marriage season demand.

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