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  Business   Market  09 May 2017  Gold recovers marginally after bringing end to falling streak

Gold recovers marginally after bringing end to falling streak

PTI
Published : May 9, 2017, 4:03 pm IST
Updated : May 9, 2017, 4:03 pm IST

Traders attributed rebound in gold prices to a better trend overseas and fresh buying by local jewellers .

Representational Image
 Representational Image

New Delhi: Bringing to an end its 7-day falling streak, gold today recovered marginally on fresh buying by local jewellers, rising Rs 20 to hit Rs 28,570 per 10 grams, aided by a firm global trend.

Silver, on the other hand, continued its slide on slack demand from industrial units and coin makers. Traders attributed the slight rebound in gold prices to a better trend overseas and fresh buying by local jewellers at the domestic spot market.

 

Globally, gold firmed up 0.07 per cent to USD 1,226.80 an ounce and silver 0.28 per cent to USD 16.25 an ounce in Singapore today. In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 20 each to Rs 28,570 and Rs 28,420 per 10 grams, respectively. The metal had lost Rs 1,000 in the previous seven days.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams. However, silver ready lost Rs 150 to Rs 38,200 per kg while weekly-based delivery drifted lower by Rs 135 to Rs 38,020 per kg due to lack of speculators' buying support. Silver coins, however, held steady at RS 69,000 for buying and Rs 70,000 for selling of 100 pieces.

 

Tags: gold market, gold price, local jewellers