Gold prices recovered sharply by Rs 230 to Rs 11,620 per 10 gram in the bullion market on Wednesday on emergence of buying by stockists and jewellery fabricators influenced by firming global trend. The precious metal, which experienced an intra-day free fall by losing over Rs 900, recovered sharply due to spurge in buying activity by jewelers and stockists on heavy marriage and festival demand.
Market sentiments turned bullish on reports that gold has rebounded from a seven-month low in London due to revival in jewelry and investment demand after the fresh fall, traders said.They said fresh pick up in demand for current festive season also boosted the market sentiment to some extent.
Gold in London rose by 8.47 dollar to 820.80 dollar an ounce. It fell to 802.34 dollar on Tuesday, the lowest since December as dollar strengthened to the highest in 6 months.
In the domestic market, standard gold and ornaments rose sharply by Rs 230 each to Rs 11,620 and Rs 11,470 per 10 gram, respectively. A similar firmness was extended to Silver. Silver ready rose by Rs 860 to Rs 21,460 and weekly-based delivery by Rs 730 to Rs 21,160 per kg respectively. Silver coins also gained Rs 200 at Rs 27,400 for buying and Rs 27,500 for selling of 100 pieces.
Market sentiments turned bullish on reports that gold has rebounded from a seven-month low in London due to revival in jewelry and investment demand after the fresh fall, traders said.They said fresh pick up in demand for current festive season also boosted the market sentiment to some extent.
Gold in London rose by 8.47 dollar to 820.80 dollar an ounce. It fell to 802.34 dollar on Tuesday, the lowest since December as dollar strengthened to the highest in 6 months.
In the domestic market, standard gold and ornaments rose sharply by Rs 230 each to Rs 11,620 and Rs 11,470 per 10 gram, respectively. A similar firmness was extended to Silver. Silver ready rose by Rs 860 to Rs 21,460 and weekly-based delivery by Rs 730 to Rs 21,160 per kg respectively. Silver coins also gained Rs 200 at Rs 27,400 for buying and Rs 27,500 for selling of 100 pieces.
No comments:
Post a Comment