Precious Metals
D A I L Y B U Z Z
D A I L Y B U Z Z
GOLD
Gold prices rebounded sharply and closed to a more than one-week high at the domestic bullion market here following frantic buying by jewellery stockists and traders amid robust retail demand ahead of year-end festivities and wedding season. Moving in line with the general trend, silver also jumped to retrace the key Rs 37,000-mark on the back of heavy speculative buyout. Standard Gold (99.5 purity) zoomed by a whopping Rs 400 to end at Rs 26,915 per 10 grams from Wednesday's closing level of Rs 26,515. Pure gold (99.9 purity) also shot-up by the same margin to finish at Rs 27,065 per 10 grams, as against Rs 26,665. Silver (.999 fineness) galloped by Rs 970 to conclude at Rs 37,780 per kg compared to Rs 36,810 previously. In the worldwide trade, the yellow metal surged ahead, rebounding from its three-week low in thin holiday trade on weak dollar as well as bargain hunting. Spot gold was sharply higher at $ 1,197.00 an ounce in early trade.
SILVER
Taking positive cues from overseas market, silver prices edged higher by 1.34 per cent to Rs 37,570 per kg in futures trade today after speculators enlarged their positions. At the Multi Commodity Exchange, silver for delivery in far-month May contracts was up by Rs 498, or 1.34per cent, to Rs 37,570 per kg in business turnover of six lots. Similarly, the white metal for delivery in March month contracts traded higher by Rs 365, or 1.28 per cent, to Rs 36,910 per kg in 976 lots. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas due to prevailing lower levels encouraging purchases. Meanwhile, silver rebounded as much as 1.5 per cent, its biggest intra-day gain since December 18, to trade at USD 15.95 an ounce in Singapore.
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