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Gold price recovers on low level buying; silver ends lower

Last Updated: Saturday, May 24, 2014 - 17:14

New Delhi: Snapping its four-day falling streak, gold prices on Saturday recovered by Rs 70 to Rs 28,320 per ten gram in the national capital on emergence of buying by stockists and jewellers at prevailing levels.

However, silver met with resistance and lost Rs 200 at Rs 41,500 per kg.

Traders attributed the recovery in gold prices to low-level buying by stockists and jewellers.

Gold had been under pressure in the past few sessions after the RBI eased curbs on imports, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

In Delhi, gold of 99.9 and 99.5 percent purity rose by Rs 70 each to Rs 28,320 and Rs 28,120 per ten gram respectively. It had lost Rs 1,330 in last four days.

Sovereign, however, remained steady at Rs 24,800 per piece of 8 gram in limited deals.

On the other hand, silver ready declined by Rs 200 to Rs 41,500 per kg and weekly-based delivery by Rs 100 to Rs 40,800 per kg.

Silver coins also dropped by Rs 1,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

PTI
First Published: Saturday, May 24, 2014 - 16:56
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