Gold, silver prices reverse falling trend; gain on fresh buying

PTI Posted online: Friday, Mar 21, 2014 at 0000 hrs
Mumbai : Gold halted its three-session losing spree and recovered smartly today on fresh buying by stockist, traders as well as local buying interest amidst bullish global cues.

Silver also followed the yellow metal and posted modest gains following speculative off-take coupled with good industrial demand.

Standard gold (99.5 purity) rebounded by Rs 90 to quote at Rs 29,740 per 10 grams at 1700 hrs from Rs 29,650 yesterday.

Pure gold (99.9 purity) gained by Rs 100 to Rs 29,920 per 10 grams from Rs 29,820 previously, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) climbed by Rs 200 to Rs 45,500 per kg at 1700 hrs from the overnight level of Rs 45,300.

Globally, gold surged in the early trade ahead of a series of speeches by Federal Reserve officials, but was on track for its biggest weekly fall since November as prices reacted to the US central bank hinting at an interest rate hike in the first half of 2015.

In London, Spot gold rose to USD 1,341.50 an ounce in the morning trade and silver also moved-up at USD 20.48 an ounce.