Zee Media Bureau
New Delhi: Some stability in global market after the bloodbath along with modest low level seasonal buying helped the gold to regain Rs 27,000 per ten grams level in Delhi bullion market on Saturday.
As the trading focus was more confined to gold, silver lacked necessary follow up support and continued to decline throughout the week and recorded heavy losses.
A fag-end recovery in overseas markets advised speculators to wind up their pending short positions created in the recent bear phase and retail customers taking advantage at lower levels, pulled back the prices only to minimise the losses.
The gold, which had suffered biggest ever losses following a meltdown in global bullion prices, recovered by Rs 500 to Rs 27,100 per 10 gm. It had gained Rs 250 in the previous session.
Traders said the recovery in gold prices was backed by emergence of retailers buying at attractive low levels, as the metal suffered the biggest loss of Rs 3,250 in four sessions earlier this week.
The physical demand is also generated during the year-end for the festivals like 'Akshyatritiya' and 'Diwali'.Here are the closing rates of gold and silver in Delhi bullion market:
(Gold per 10 grams/ Silver per Kg)
Gold 24 carat (99.9): Rs 27,100; Change: + Rs 500
Gold 24 carat (99.5): Rs 26,900; Change: + RS 500
Gold Sovereign (per piece of 8 grams): Rs 24,000; unchanged
Silver ready: Rs 45,300; Change: -100
Silver weekly-based delivery: Rs 43,300; Change: - Rs 100
Silver coins/ per 100 pieces (Buying): Rs 75,000; Change: + Rs 1,000
Silver coins/ per 100 pieces (Selling): Rs 76,000; Change: + Rs 1,000