Gold Bounces Back After 4-Day Losing Streak- March 27, 2009

After four-day losing streak, the gold prices recovered by Rs 120 per ten grams on the bullion market on Thursday on renewed enquiries from stockists in view of seasonal buying coupled with higher New York advices. The silver also followed the same trend and firmed up on the back of good industrial demand. The gold futures shot up in New York after four session on the back of weaker dollar and rising demand from gold Exchange-traded funds. On the comex division of the New York Mercantile Exchange, the gold for April delivery closed up by $12 an ounce to $935.80. Silver for May delivery also rose to $13.437 an ounce.In the domestic market, the standard gold (99.5 purity) recovered by Rs 120 per ten grams to Rs 15,175 from its previous close of Rs Rs 15,055. Moreover, the pure gold (99.9 purity) also firmed up by a similar margin to Rs 15,245 from Rs 15,125 previously. The silver ready (.999 fineness) grew by Rs 185 per kilo to Rs 22,510 from Rs 22,325.