Gold rebounds on seasonal demand; global cues

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New Delhi | Published: November 22, 2014 4:57:14 PM

After two days of losses, gold regained its glitter to trade Rs 50 higher at Rs 26,800 per ten gram...

 (Reuters)In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 50 each to Rs 26,800 and Rs 26,600 per ten gram respectively. (Reuters)

After two days of losses, gold regained its glitter to trade Rs 50 higher at Rs 26,800 per ten gram at the bullion market in the national capital today.

This was due to emergence of buying by jewellers and retailers, supported by ongoing wedding season demand amid a firm global trend.

Silver also advanced by 50 to Rs 36,550 per kg on increased offtake by industrial units and coin makers.

Traders said besides emergence of buying by jewellers and retailers to meet wedding season demand, a firming trend overseas after China cut benchmark interest rates to support economic growth, boosting demand for precious metals as a store of value, influenced the sentiment.

Gold in New York, which normally determine price trend at the domestic front, climbed 0.6 per cent to settle at USD 1,197.70 an ounce. Silver too gained 1.6 per cent to USD 16.45 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 50 each to Rs 26,800 and Rs 26,600 per ten gram respectively. Sovereign, however, remained steady at Rs 23,700 per piece of eight gram.

Silver ready advanced by Rs 50 to Rs 36,550 per kg and weekly-based delivery by Rs 80 to Rs 36,080 per kg.

On the other hand, silver coins continued to be traded at last level of Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

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