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Updated: March 7, 2014 16:20 IST

Gold bounces back on fresh buying, firm global cues

PTI
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Gold prices up by Rs 240 to Rs 31,060 per ten gram, while silver also recovers by Rs 280 to Rs 47,330 per kg

Snapping a three-day losing streak, gold prices on Friday recovered by Rs 240 to Rs 31,060 per ten gram in the national capital on buying by stockists and retailers at existing lower levels amid a firm global trend.

Silver also recovered by Rs 280 to Rs 47,330 per kg on increased offtake by industrial units.

Traders said revival of buying by stockists and local parties at existing lower levels amid a firm global trend where gold climbed to four-month high ahead of US payrolls data mainly influenced the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, traded marginally higher at $1,351.05 an ounce from $1,350.85 on Thursday.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 240 each to Rs 31,060 and Rs 30,860 per ten gram, respectively. It had lost Rs 480 in last three days.

Sovereign, however, held steady at Rs 25,400 per piece of eight gram.

Silver ready recovered by Rs 280 to Rs 47,330 per kg and weekly-based delivery by Rs 380 to Rs 47,230 per kg. The white metal had lost 350 on Thursday. Silver coins continued trading at their last level of Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.

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