Gold snaps four-day falling trend, recovers on global cues

Mar 22 2014, 16:00 IST
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Gold prices rose by Rs 20 at Rs 30,350 per 10 gram today. Reuters Gold prices rose by Rs 20 at Rs 30,350 per 10 gram today. Reuters
SummarySnapping 4-day falling streak, gold prices rose by Rs 20 at Rs 30,350 per 10 gram

Snapping 4-day falling streak, gold prices rose by Rs 20 at Rs 30,350 per 10 gram here today on low level buying by stockists and retailers amid firm trend in global markets.

However, silver extended losses for the 5th day and fell further by Rs 250 to Rs 44,950 per kg.

Traders said the global prices were driven up amid tensions between Russia and the West over Ukraine, increasing demand for gold as a safe investment.

Gold in New York, which normally set price trend on the domestic front, rose by 0.4 per cent to 1,336 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 20 each to reach Rs 30,350 and Rs 30,150 per ten gram respectively. It had lost Rs 500 in last four days. Sovereign also rose by Rs 50 at Rs 25,250 per piece of eight gram.

On the other hand, silver ready fell by Rs 250 to Rs 44,950 per kg and weekly-based delivery by Rs 270 to Rs 44,650 per kg. The white metal had lost Rs 2,000 in the previous four sessions.

Meanwhile, silver coins held steady at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.

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