Gold recovers on Christmas demand, global cues
Snapping a two-day losing streak, gold prices recovered ` 125 to ` 30,175 per 10g in the national capital on Wednesday, on Christmas demand coupled with a firm global trend. Silver followed and gained ` 140 to ` 43,690 a kg on increased offtake by industrial units.
Traders said besides Christmas demand, firm global trend on speculation that this month’s price drop could 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 0.5 per cent to $1,203.30 an ounce and silver 0.4 per cent to $19.48 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered ` 125 each to ` 30,175 and ` 29,975 per 10g, respectively. It had lost ` 350 in last two trade. Sovereign remained steady at ` 25,100 per piece of eight gramme. In line with a general firm trend, silver ready rebounded ` 140 to ` 43,690 a kg and weekly-based delivery ` 250 to ` 43,990 a kg.