Gold snaps two-day losing trend, up Rs 30 on seasonal demand

Feb 27 2012, 18:33 IST
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Reuters Photo. Reuters Photo.
SummaryTraders said marriage season buying was so strong that even a weak trend in overseas mkt failed to impact the sentiment.

Gold prices rose by Rs 30 to Rs 28,895 per 10 grams in the bullion market here today, while silver gained Rs 150 to Rs 58,250 per kg on buying by retailers to meet the ongoing marriage season demand.

Traders said marriage season buying was so strong that even a weak trend in the overseas market failed to impact the sentiment.

Shifting of funds from weakening equities to bullion also supported the uptrend in precious metals, they added.

Gold of 99.9 and 99.5 per cent purity recovered by Rs 30 each to Rs 28,895 and Rs 28,755 per 10 grams, respectively.

The metal had lost Rs 175 in last two trading sessions.

Sovereigns held steady at Rs 23,500 per piece of eight grams.

Silver ready rebounded by Rs 150 to Rs 58,250 per kg and weekly-based delivery by Rs 205 to Rs 58,670 per kg.

Silver coins continued to be asked around previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces on restricted deals.

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