Gold Reclaims Rs 27,000-level On Strong Demand

Mumbai-India (Apr 4)  Gold prices rose for the third straight day to regain the Rs 27,000 per 10 grams level at the bullion market on Saturday (4 April) on the back of strong demand.

However, silver prices remained steady at Rs 37,600 per kg on scattered demand from industrial units and coin makers.

In the national capital, prices of 99.9 and 99.5 per cent pure gold increased by Rs 60 each to Rs 27,010 and Rs 26,860 per 10 grams, respectively.

Prices of the precious metal had gained Rs 375 in the past two sessions.

However, the prices of 'Sovereign' remained unchanged at Rs 23,700 per piece of eight grams in limited deals.

Traders said increased buying by jewellers mainly kept gold prices higher.

Silver ready and weekly-based delivery continued to trade at previous levels at Rs 37,600 and Rs 37,350 per kg, respectively on scattered demand.

Also, silver coins were ruling at the previous level of Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.

Globally, gold prices firmed on Friday in holiday-thinned trading, after data showing U.S. employers added the fewest jobs in over a year in March fuelled speculation that a U.S. interest rate hike may be delayed.

Non-farm payrolls increased by 126,000 last month, the smallest gain since December 2013, the Labor Department said on Friday. That ended 12 straight months of job gains above 200,000, the longest streak since 1994.

Source: BusinessWorld