Gold silver break losing streak on global cues

MNohammad Sani 4/10/2016 12:00:00 AM Business
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Snapping a three-day losing streak, gold prices firmed up by Rs 215 to Rs 28,850 per ten grams at the bullion market.

Snapping a three-day losing streak, gold prices firmed up by Rs 215 to Rs 28,850 per ten grams at the bullion market on Wednesday, tracking a firm trend overseas and fresh buying by jewellers to meet

napping a three-day losing streak, gold prices firmed up by Rs 215 to Rs 28,850 per ten grams at the bullion market on Wednesday, tracking a firm trend overseas and fresh buying by jewellers to meet the wedding season demand. Silver followed suit and reclaimed Rs 37,000-mark by rising Rs 250 to close at Rs 37,100 per kg on increased offtake by industrial units and coin makers. Traders said a firming global trend as investors await the release of minutes from the last Federal Open Market Committee meeting for further clues on the outlook for US borrowing costs, mainly led to the recovery in the precious metal prices.Globally, gold advanced one per cent to USD 1,212.21 an ounce in Singapore, while at London it was up 0.42 per cent at USD 1,205.40 an ounce in early trade. Besides, buying by jewellers as well as retailers to meet the wedding season demand and a depreciating rupee against the dollar that made imports costlier, supported the upside, they said. In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 215 each to Rs 28,850 and Rs 28,700 per ten grams respectively.

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