Gold glitters on global cues, silver zooms

Snapping its three-day losing streak, gold prices recovered by Rs 215 per ten grams at the bullion market here today on fresh buying by jewellers amid firm global trends. Elsewhere, silver also rebounded and zoomed to reclaim the key Rs 41,000 mark on heavy speculative offtake coupled with rising industrial demand.

Standard gold (99.5 purity) rose by Rs 215 to finish at Rs 29,915 per 10 grams from Tuesday’s closing value of Rs 29,700. Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 30,065 per 10 grams as compared to Rs 29,850 earlier.

Silver (.999 fineness) spurted by a whopping Rs 1,000 per kg to conclude at Rs 41,820 as against Rs 40,820 earlier. Globally, gold rebounded from two-week lows on Wednesday as the dollar’s rally paused and European shares fell, rekindling investor appetite for the precious metal.

Spot gold was up 0.5 percent at USD 1,272.20 an ounce in early European trade, while US gold for June delivery gained 0.7 percent to USD 1,274.70 an ounce. The metal touched a low of USD 1,257.25 yesterday, its weakest since April 28. Other precious metals also advanced, with spot silver gaining 1.1 percent to USD 17.30 an ounce.