Gold recovers from 2-week low; up Rs 260 on fresh buying
New Delhi: Gold prices on Saturday recovered from two-week low levels and surged Rs 260 to Rs 27,640 per 10 grams in the national capital on Saturday on brisk buying by stockists amid a firm global trend.
Also, silver spurted by Rs 600 to Rs 42,300 per kg on revival of buying by industrial units and coin makers, following a steep fall in the previous session.
The trading sentiment bolstered after the gold recovered in overseas markets from its lowest levels since September 2010 on speculation the slump may spur purchases. The prices had tumbled after Federal Reserve Chairman Ben S Bernanke said that the central bank may start curbing stimulus.
Gold in New York, which normally sets the price trend on the domestic front here, rose 0.8 percent to USD 1,295.60 and silver by 0.5 percent to USD 19.80 an ounce.
Besides, shifting of investor's fund from melting equities to bullion further supported the sentiment.
In the national capital, the gold of 99.9 and 99.5 percent purity shot up by Rs 260 each to Rs 27,640 and Rs 27,440 per 10 grams, respectively. Sovereigns gained Rs 50 to Rs 24,250 per piece of eight grams.
Silver ready jumped up by Rs 600 to Rs 42,300 per kg and weekly-based delivery by Rs 500 to Rs 41,550 per kg. Silver coins continued to be asked at previous levels of Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.