Snapping a six-day losing streak, silver prices surged by Rs. 830 to Rs. 44,300 per kg on Tuesday on buying by industrial units amid a firm global trend.

Gold also slipped Rs. 30 to Rs. 30,725 on subdued demand at higher levels.

Traders said fresh buying by industrial units and coin makers along with higher global trend mainly led the recovery in silver prices.

Silver in Singapore, which normally sets the price trend on domestic front, added 0.5 per cent to $19.95 an ounce.

They said falling demand at prevailing higher levels mainly pulled down gold prices to trade marginally lower.

On the domestic front, silver ready recovered sharply by Rs. 830 to Rs. 44,300 per kg and weekly-based delivery by Rs. 610 to Rs. 44,630 per kg. The white metal had lost Rs. 1,600 in the previous six trading sessions.

Silver coins also spurted by Rs. 1,000 to Rs. 83,000 for buying and Rs. 84,000 for selling of 100 pieces.

However, gold of 99.9 and 99.5 per cent purity declined by Rs. 30 each to Rs 30,725 and Rs. 30,525 per ten grams, respectively. It had gained Rs. 255 on Monday.

Sovereign held steady at Rs. 25,200 per piece of eight gram in limited deals.


Gold gains Rs 255 on low level buyingDecember 9, 2013

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