Tuesday, February 19, 2008

Gold Recovers On Fresh Buying, Higher Asian Cues

New Delhi: Gold prices recovered marginally by Rs 15 at Rs 11,755 per ten gram on the bullion market today on revival of buying amid rising trend on the Asian front. Run-up to Budget 2008-09

Trading activity picked up in gold after reports of its prices gaining in Asian markets and equity volatility. The metal climbed by $5.13 to $907.67 an ounce.

Marketmen said fresh buying by jewellery fabricators for the ongoing marriage season and reports of rising trend in overseas market mainly pushed up gold prices.

They said some investors pulled out from volatile equity markets to park their funds in bullion, considering it to be a safe haven during such risky times.

Standard gold and ornaments met with fresh local demand and recovered by Rs 15 each at Rs 11,755 and Rs 11,605 per ten gram respectively. Sovereign, however, ruled flat at Rs 9,475 per piece of eight gram.

Activity in silver section was restricted on reduced offtake by industrial units and coin makers. Silver ready ruled steady at Rs 21,300 per kilo while weekly-based delivery rose by Rs 60 at Rs 21,880 per kilo on speculative support.

Silver coins gained Rs 100 at Rs 26,000 for buying and Rs 26,100 for selling of 100 coins.

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