Gold up Rs 100, silver by Rs185 on low level buying, Asian cues
Both the precious metals, gold and silver, on Monday rebounded in the national capital on emergence of buying at existing lower levels amid a firm trend in the Asian region.
New Delhi: Both the precious metals, gold and silver, on Monday rebounded in the national capital on emergence of buying at existing lower levels amid a firm trend in the Asian region.
While gold recovered by Rs 100 to Rs 28,100 per ten grams and silver by Rs 185 to Rs 43,785 per kg on industrial units and coin makers buying.
Traders said sentiment turned better as stockists and retailers indulged in buying at existing lower levels.
Firm Asian trend, as investors sought a haven after China's economic data trailed forecasts, sparking a sell off in industrial raw materials, also influenced the market, they said.
Gold in Singapore, which normally sets the price trend on the domestic front, advanced 0.4 per cent to USD 1,388.41 an ounce and silver by 0.7 per cent at USD 21.81 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 100 each to Rs 28,100 and Rs 27,900 per 10 grams, respectively. The yellow metal had plunged by Rs 300 in the previous session. Sovereigns, however, held steady at Rs 24,200 per piece of eight grams in limited deals.
In line with a general firm trend, silver ready rose by Rs 185 to Rs 43,785 per kg and weekly-based delivery by Rs 210 to Rs 43,170 per kg. The metal had dropped by Rs 1500 in the previous session.
On the other hand, silver coins lacked necessary follow up support and dropped by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.