Gold recovers on jewellers’ buying; silver remains weak

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Published: June 13, 2017 3:03:16 PM

Snapping its four-day losing streak, gold prices recovered by Rs 20 to Rs 29,320 per 10 grams at the bullion market today on scattered buying by local jewellers even as the metal weakened overseas. Silver, however, remained under selling pressure and dropped by Rs 550 to Rs 39,150 per kg.

Globally, gold fell 0.09 per cent to USD 1,264.30 an ounce and silver by 0.59 per cent to USD 16.83 an ounce in Singapore.

Snapping its four-day losing streak, gold prices recovered by Rs 20 to Rs 29,320 per 10 grams at the bullion market today on scattered buying by local jewellers even as the metal weakened overseas. Silver, however, remained under selling pressure and dropped by Rs 550 to Rs 39,150 per kg. Traders attributed the rise in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise. Globally, gold fell 0.09 per cent to USD 1,264.30 an ounce and silver by 0.59 per cent to USD 16.83 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 20 each to Rs 29,320 and Rs 29,180 per 10 grams, respectively. It had lost Rs 495 in last four days. Sovereign, however, remained steady at Rs 24,400 per piece of eight grams.

On the other hand, silver ready plunged by Rs 550 to Rs 39,150 per kg and weekly-based delivery cracked below the Rs 39,000-mark by falling Rs 510 to Rs 38,965 per kg. Silver coins, however, continued to be traded at previous levels of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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