Gold staged a recovery to trade Rs 100 higher at Rs 25,350 per 10 gram in opening trade today, after witnessing four-day falling streak at the bullion market
Gold staged a recovery to trade Rs 100 higher at Rs 25,350 per 10 gram in opening trade today, after witnessing four-day falling streak at the bullion market, taking positive Asian cues and fresh buying by jewellers at prevailing levels in domestic spot markets.
Silver also recovered by Rs 200 to Rs 34,300 per kg on increased offtake by industrial units and coin makers.
The rebound in gold prices was mostly in tune with a better trend in Asian market as prices at the lowest level in five years were spurring demand, bullion traders said.
Besides, pause in dollar rally, added to the appeal of the precious metal, they said.
Gold in Singapore, which normally sets price trend on the domestic front, advanced as much as 0.5 per cent to USD 1,099.91 an ounce and silver by 0.2 per cent to USD 14.83 an ounce.
Meanwhile, gold declined to USD 1,086.18 an ounce on Monday, the lowest since March 2010 amid growing expectations that the US Fed may raise interest rates later this year, eroding appeal of the precious metals.
Earlier this week, Goldman Sachs Group had predicted further decline in the prices of the precious metal.
In the national capital, gold of 99.9 and 99.5 per cent purity were trading higher by Rs 100 each at Rs 25,350 and Rs 25,200 per 10 grams respectively. It had lost Rs 1,000 in the last four days.
Sovereign, however, continued to be asked at the previous level of Rs 22,500 per piece of eight gram in limited deals.
Tracking gold, silver ready rose by Rs 200 to Rs 34,300 per kg and weekly-based by Rs 240 to Rs 34,090 per kg.
On the other hand, silver coins were well maintained at last level of Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.