Gold recovers on firm global cues

NEW DELHI: Gold prices recovered by Rs 170 to Rs 13,130 per 10 gram in the bullion market here today increased demand triggered by a firming trend in global markets.

Traders said buying activity gathered momentum in the precious metals on reports of a firming trend in global markets, which normally sets prices here.

Gold, which fell by over Rs 220 per 10 gram, bounced back as the metal in New York rose on fresh buying by stockists at existing levels.

The metal in New York rose heading for the second straight weekly gain as talks on the 700 billion dollar bailout by the US government to ease the credit crunch stalled.

Standard gold and ornaments, which had lost Rs 220 each in previous day's trading, staged a strong comeback and shot up by Rs 170 each to Rs 13,130 and Rs 12,980 per 10 gram, while the sovereign gained Rs 50 at Rs 10,500 per piece of eight gram.

A similar firming trend was extended in the white metal as silver ready rose by Rs 250 to Rs 20,850 per kg and weekly- based delivery by Rs 295 to Rs 21,095 per kg. Its coins also traded higher by Rs 100 to Rs 28,300 for buying and Rs 28,400 for selling of 100 pieces.
thanks to: economictimes.indiatimes.com