Gold price snaps 4-week losing streak; regained Rs 27K-level
The yellow-metal regained its sparkle and surpassed the psychological Rs 27,000 per 10 grams mark following aggressive low level demand from stockists and traders.
Mumbai: Gold price staged a smart recovery mode from its recent sell-off and silver gained marginally at the domestic bullion market here after a four consecutive week downtrend.
The yellow-metal regained its sparkle and surpassed the psychological Rs 27,000 per 10 grams mark following aggressive low level demand from stockists and traders in context of marriage seasonal buying and ensuing festival - Akshaya Tritiya - amid good investment off-take.
Silver remained under intense speculative pressure witnessing wide swings, however managed to re-trace the key Rs 46,000 per kg level towards the fag-end trade.
On the global front, gold recouped to close above the important USD 1,400 an ounce mark largely driven by hectic physical demand from Asian region and a combination of weak dollar as well as continuity over Fed's easing measures.
The industrial metal also gained on sustained investor offtake.
In New York gold for June delivery jumped to USD 1,453.60 from USD 1,395.60 an ounce previously.
Silver for May contract rose to USD 23.76 as against USD 22.96 an ounce.
In domestic market: Standard gold (99.5 purity) resumed sharply higher at Rs 26,430 and rallied to touch a high of Rs 27,465 before settling at Rs 27,380 from preceding weekend's level of Rs 26,260 showing a handsome gain of Rs 1,120, or 4.27 percent per 10 grams.
Pure gold (99.9 purity) commenced strong at Rs 26,565 and surged to Rs to Rs 27,600 before finishing at Rs 27,510 over its previous weekend's close of Rs 26,395 registering a sharp rise of Rs 1,115, or 4.22 percent per 10 grams.
Silver ready (.999 fineness) started firm at Rs 45,780 but later plunged to Rs 44,600 before rebounding to close at Rs 46,630 from its last weekend's close of Rs 45,665, posting a modest gain of Rs 965, or 2.11 percent per kg.