Gold snaps 5-day losing streak; up Rs 65 at Rs 31,045 per 10 gm

Gold snaps 5-day losing streak; up Rs 65 at Rs 31,045 per 10 gm New Delhi: Snapping a five-day long losing streak, gold prices recovered by Rs 65 to Rs 31,045 per 10 grams here Thursday on revival of buying at existing lower levels to meet the marriage season demand, amid a firm global trend.

Silver also strengthened by Rs 480 to Rs 58,980 per kg on increased offtake by industrial units and coin manufacturers.

Traders said revival of buying by stockists and retailers at existing lower levels to meet the marriage season demand, mainly led to recovery in gold prices, which had lost Rs 405 in last five sessions.

Marketmen said firming global trend, where gold climbed to one-week high after data showed that the US economy unexpectedly shrank and the Federal Reserve maintained asset purchases also supported the uptrend in gold.

In Singapore, gold gained 0.2 percent to USD 1,680.80 an ounce.

Increased offtake by industrial units and coin makers helped silver prices to strengthen, they added.

On the domestic front, gold of 99.9 and 99.5 percent purity recovered by Rs 65 each to Rs 31,045 and Rs 30,845 per ten grams. Sovereigns followed suit and climbed by Rs 100 to Rs 25,400 per piece of eight grams.

In line with a general firm trend, silver ready advanced by Rs 480 to Rs 58,980 per kg and weekly-based delivery by Rs 885 to Rs 59,100 per kg. Silver coins spurted by Rs 1,000 to Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces.

PTI