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Gold recovers on jewellers' buying; silver remains weak

Gold recovers on jewellers' buying; silver remains weak

Sat June 17 2017

 

After a three-day falling streak, gold prices recovered by ` 55 to ` 29,170 per 10 grams at the bullion market today on scattered buying by local jewellers even as the metal weakened overseas.

 

Silver, however, remained under selling pressure and cracked below the ` 39,000-mark by falling ` 250 to ` 38,800 per kg.

 

Traders attributed the recovery in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.

 

Globally, gold fell 0.02 per cent to USD 1,253.40 an ounce and silver by 0.27 per cent to USD 16.69 an ounce in New York in yesterday's trade.

 

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by ` 55 each to ` 29,170 and ` 29,020 per 10 grams, respectively. It had lost ` 205 in the last three days.

 

Sovereign, however, remained flat at ` 24,400 per piece of eight grams.

 

On the other hand, silver ready drifted lower by ` 250 to ` 38,800 per kg and weekly-based delivery by ` 285 to ` 38,480 per kg.

Silver coins, however, remained unaltered at ` 72,000 for buying and ` 73,000 for selling of 100 pieces.

 

Source: http://economictimes.indiatimes.com