Gold, silver rebound on demand increase

Mumbai-India (Mar 24)  Gold prices rose by Rs. 100 to Rs. 26,550 per 10 grams at the bullion market on Tuesday on increased buying by jewellers and retailers amid a firm global trend.

Silver also moved up by Rs. 200 to Rs. 37,800 per kg on increased off-take by industrial units and coin makers.

Bullion merchants said increased buying by jewellers to meet rising demand amid a firm global trend mainly boosted the sentiment here.

Gold in New York, which normally sets price trend on the domestic front, rose by 0.58 per cent to $1,189.30 an ounce and silver by 1.49 per cent to $16.98 an ounce in Monday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity shot up by Rs. 100 each to Rs. 26,550 and Rs. 26,400 per 10 grams, respectively.

Sovereign, however, held steady at Rs. 23,600 per piece of eight grams. In a similar fashion, silver ready rose by Rs. 200 to Rs. 37,800 per kg and weekly-based delivery by Rs. 360 to Rs. 37,780 per kg.

Silver coins also spurted by Rs. 1,000 to Rs. 56,000 for buying and Rs. 57,000 for selling of 100 pieces.

Source: TheHindu