Gold gains Rs 110 – silver recovers Rs 450 after 3-day fall
Sliver snapped its three-day losing streak, gaining Rs 450 to trade at Rs 54,450 per kg in the bullion market here on buying by stockists triggered by firming global trend.
Marketmen said that prices of the precious metals rose in line with that in global markets.
Gold strengthened in the overseas markets on speculation the US Federal Reserve will keep key rates low to stimulate the American economy which boosted the appeal of the precious metal as an alternative to the slumping dollar and equities.
Gold in global markets, which normally set price trend here, rose by 9.70 dollar to 1,542.40 dollar an ounce and silver by 0.39 per cent to 36.29 dollar an ounce.
Additionally, some buying for the ongoing marriage season also supported the uptrend to some extent.
The gold of 99.9 and 99.5 per cent purity bounced back by Rs 110 to Rs 22,780 and Rs 22,660 per ten grams respectively.
the metal had lost Rs 150 in the previous session.
Sovereign, continued to be asked around previous level of Rs 18,700 per piece of eight gram in limited deals.
Silver ready, which had plunged by Rs 4,300 in the last three sessions, recovered by Rs 450 to Rs 54,450 per kg and weekly-based delivery by Rs 740 to Rs 54,390 per kg.
However, silver coins tumbled by Rs 8,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces on resistance at higher levels.