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BW Businessworld

Gold Rebounds On Fresh Buying; Silver Plunges

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Gold prices recovered by Rs 270 to Rs 31,370 per ten gram on fresh buying by stockists despite a weak global trend.

However, silver plunged by Rs 970 to Rs 53,330 per kg on reduced offtake by industrial units and coin makers amid a weak global trend.

Traders said fresh buying by stockists to meet the festive season demand mainly led recovery in gold prices.

Gold in London, which normally set price trend on the domestic front, fell by 0.8 per cent to 1,375.71 dollar an ounce and silver by 1.9 per cent to 23.26 dollar an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 270 each to Rs 31,370 and Rs 31,170 per ten grams, respectively, after losing Rs 625 yesterday.

Sovereign held steady at Rs 25,200 per piece of eight gram in limited deals.

On the other hand, silver ready dropped by Rs 970 to Rs 53,330 per kg and weekly-based delivery by Rs 1595 to Rs 53,300 per kg. Silver coins followed suit and plunged by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.