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Updated: December 25, 2013 19:24 IST

Gold recovers on Christmas demand, global cues

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Gold prices recovered by Rs. 125 to Rs. 30,175 per ten gram while silver gained Rs. 140 to Rs. 43,690 per kg.

Snapping a two-day losing streak, gold prices recovered by Rs. 125 to Rs. 30,175 per ten gram in New Delhi on Wednesday on Christmas demand coupled with a firm global trend.

Silver followed suit and gained Rs. 140 to Rs. 43,690 per kg on increased off take by industrial units.

Traders said, besides Christmas demand, firm global trend on speculation that this month’s price drop may spur more physical buying mainly led to a recovery in precious metals.

Gold in New York, which normally sets price trend on the domestic front, rose by 0.5 per cent to $ 1,203.30 an ounce and silver by 0.4 per cent to $19.48 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs. 125 each to Rs. 30,175 and Rs. 29,975 per ten gram, respectively. It had lost Rs. 350 in last two sessions.

Sovereign remained steady at Rs. 25,100 per piece of eight gram.

In line with a general firm trend, silver ready rebounded by Rs. 140 to Rs. 43,690 per kg and weekly-based delivery by Rs. 250 to Rs. 43,990 per kg. The white metal had lost Rs. 400 in the previous two sessions.

Silver coins, however, held steady at Rs. 84,000 for buying and Rs. 85,000 for selling of 100 pieces.

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