Gold, silver rebound on global cues, seasonal demand

Aug 28 2014, 16:25 IST
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A firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices. (Reuters) A firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices. (Reuters)
SummaryGold prices recovered by Rs 55 to close at Rs 28,230 per ten gram in the national capital today...

Gold prices recovered by Rs 55 to close at Rs 28,230 per ten gram in the national capital today, largely on the back of a firming global trend amid increased buying by jewellers and retailers to meet seasonal demand.

Silver also rebounded by Rs 150 to Rs 42,850 per kg on increased offtake by industrial units and coin makers.

Traders said apart from increased buying by jewellers and retailers to meet seasonal demand, a firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices.

Globally, gold in Singapore, which normally sets price trend on the domestic front, rose by 0.5 per cent to USD 1,289.05 an ounce and silver by 0.9 per cent to USD 19.63 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 55 each to Rs 28,230 and Rs 28,030 per ten gram respectively. It had lost Rs 85 yesterday.

Sovereign, however, remained flat at Rs 24,600 per piece of eight gram in restricted buying activity.

In a similar fashion, silver ready rose by Rs 150 to Rs 42,850 per kg and weekly-based delivery by Rs 120 to Rs 42,170 per kg. The white metal had lost Rs 300 in the previous session.

On the other hand, silver coins continued to be enquired at last level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in scattered deals.

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