Gold price rises to Rs. 28,570 on spot demand, firm global cues

New Delhi-India (May 9)  Bringing to an end its 7-day falling streak, gold recovered marginally on fresh buying by local jewellers and a firm global trend.

Gold prices rose Rs. 20 to hit Rs. 28,570 per 10 grams.

Silver, on the other hand, continued its slide due to 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 $1,226.80 an ounce and silver 0.28 per cent to $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.

Source: BusninessLone