Snapping its three-day falling trend, gold prices recovered by Rs 160 to Rs 28,500 per 10 grams in the national capital on Thursday on fresh buying by stockists at existing lower levels amid a firm global trend. Silver also rebounded by R360 to R41,770 per kg on increased offtake by industrial units and coin makers. Sentiment turned better after gold advanced in overseas markets before the US jobless claims report, traders said. Gold in Singapore, which normally sets the price trend on the domestic front, rose by 0.8% to 1,297.69 dollar an ounce and silver by 0.8% to 19.75 dollar an ounce. On the domestic front, gold of 99.9% and 99.5% purity recovered by R160 each to R28,500 and R28,300 per 10 grams, respectively.
In line with a general firm trend, silver ready rebounded by R360 to R41,770 per kg and weekly-based delivery by R340 to R41,620 per kg respectively. The white metal had shed Rs 695 yesterday.
Cardamom futures hit upper circuit, spurt 4% on demand
Cardamom prices spurted by R31.50, or 4%, to hit the upper circuit limit at R819.10 per kg in futures trade on Thursday as speculators created huge positions, triggered by a firm trend in the spot market on strong demand. Export enquiries and restricted arrivals from producing regions rains also supported the upswing. At the MCX, cardamom for delivery in August spurted by R31.50, or 4%, to R819.10 per kg in business turnover of six lots. Similarly, the price for delivery in the September contract shot up by R18.50, or 1.08% to R794 per kg in 399 lots.