Wednesday, December 26, 2007

Gold, silver recover on firm global trend

Gold prices staged a smart recovery on the bullion market on Wednesday by gaining Rs 40 at Rs 10,450 per ten gram on revival of buying by jewellery fabricators triggered by a firming trend in global markets.

Trading sentiment turned firm following reports of a firm global trend amid retailers buying for the Christmas and New Year celebrations.

The precious metal in overseas market gained $6.59 to $813.59 an ounce and silver by 1.1 per cent at $14.56.

Market men said the market turned firm on buying gold and silver articles for gifting for this winter season studded with Christmas and New Year.

They said the demand in global market picked up for the celebrations, which influenced trading in domestic market.

Silver ready met with brisk-buying from stockists and industrial users and jumped by Rs 235 at Rs 19,135 per kilo and silver weekly-based delivery shot up by Rs 210 at Rs 19,235 per kilo on speculators buying.

Silver also traded higher by Rs 100 at Rs 25,100 for buying and Rs 25,200 for selling of 100 coins on increased offtake by coins makers.

Standard gold and ornaments attracted fresh buying from stockists and posted a gain of Rs 40 each at Rs 10,450 and Rs 10,300 per ten grams respectively. However, sovereign was held steady at Rs 8,725 per piece of eight gram.

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