Zee Media Bureau
New Delhi: Gold prices recovered by over 200 points in Indian bullion markets Wednesday on fresh buying by jewellers amid firm global trends.
Gold prices rose Rs 167 to Rs 29,950 per 10 grams in futures trading today as participants widened bets, triggered by a firming trend overseas. At the Multi Commodity Exchange, gold for delivery in June was trading higher by Rs 167, or 0.56 percent, to Rs 29,950 per 10 grams.
Bullion traders said a firm trend overseas where gold climbed for a second day as assets in bullion-backed funds rose to their highest since December 2013 and Goldman Sachs raised its price forecast, mainly boosted sentiment here.
Globally, gold drifted away from two-week lows today as the dollar surrendered some gains, but analysts said bullion is unlikely to rise sharply ahead with losses in the greenback seen limited.
Appetite for gold appeared to have eased after the metal failed to convincingly breach the USD 1,300 resistance level last week. But it was up 20 percent for the year as expectations for a near-term increase in US interest rates have faded.
Spot gold was up 0.6 percent at USD 1,273 an ounce, after touching a low of USD 1,257.25 on Tuesday, its weakest since April 28.
In the national capital, gold of 99.9 and 99.5 percent purity moved up by Rs 100 each to Rs 29,950 and Rs 29,800 per ten grams respectively. It had lost Rs 500 in last two days.
Following gold, silver ready traded higher by Rs 500 to Rs 41,100 per kg and weekly-based delivery by Rs 530 to Rs 41,330 per kg.
At Mumbai, standard gold (99.5 purity) rose by Rs 215 to finish at Rs 29,915 per 10 grams from Tuesday's closing value of Rs 29,700. Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 30,065 per 10 grams as compared to Rs 29,850 earlier.
Silver (.999 fineness) spurted by a whopping Rs 1,000 per kg to conclude at Rs 41,820 as against Rs 40,820 earlier.
With Agency Inputs