Free Press Journal

Gold gallops on festival buying frenzy, global buoyancy


Mumbai: Gold prices staged a smart recovery after a brief correction at the bullion bourses here on emergence of frantic buying from jewellery traders and stockists in the face of highly bullish overseas tone.

The domestic market got a boost as sentiment glittered after a strong wave of buying swept overseas markets, mainly triggered by bargain hunting along side a steep fall in equities worldwide trade. Swelling festive and wedding-related off take, too, supported the upsurge.

Elsewhere, silver also regained lost ground to close above the key significant Rs 36,000 mark due to robust industrial demand.

Standard gold (99.5 purity) shot-up by Rs 400 to finish at Rs 28,555 per 10 grams from Monday’s closing level of Rs 28,155. Pure gold (99.9 purity) also jumped by a similar margin to conclude at Rs 28,705 per 10 grams against Rs 28,305 earlier. Silver (.999 fineness) rose by Rs 460 to finish at Rs 36,430 from Rs 35,970 yesterday.

On the global front, the shiny metal regained its safe-haven tag and traded firmly higher at USD 1,232 an ounce in early European session, while silver quoted higher at USD 15.130 an ounce.