Gold snaps 3-day losing streak; recovers by Rs 40 to Rs 30,050 per 10 gm

Gold snaps 3-day losing streak; recovers by Rs 40 to Rs 30,050 per 10 gm New Delhi: Snapping a three-day losing streak, gold prices on Thursday recovered by Rs 40 to Rs 30,050 per 10 grams here on buying by stockists and retailers at existing lower levels amid a firm global trend.

Silver also rebounded by Rs 170 to Rs 55,320 per kg on increased offtake by industrial units and coin makers.

Traders said emergence of buying by stockists and retailers at existing lower levels driven by a firming global trend mainly led an recovery move in precious metals.

In New York, gold rose by USD 9.10 to USD 1,584.50 an ounce and silver by 1.18 percent to USD 29.04 an ounce.

On the domestic front, gold of 99.9 and 99. 5 percent putity recovered by Rs 40 each to Rs 30,050 and Rs 29,850 per 10 grams, respectively. The yellow metal had lost Rs 170 in the last three sessions. Sovereigns held steady at Rs 25,300 per piece of eight in limited deals.

Similarly, silver ready rebounded by Rs 170 to Rs 55,320 per kg and weekly-based delivery by Rs 280 to Rs 55,140 per kg. The white metal had lost Rs 300 yesterday.

Silver coins also spurted by Rs 1,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

PTI