Gold climbs Rs 140 to Rs 18,700 amid rebound in global demand

New Delhi: Gold prices recovered by Rs 140
to Rs 18,700 per ten grams in the national capital today as
stockists and jewellers replenished their stocks following a
rebound in prices of the precious metal in global markets.
Silver also rose by Rs 350 to Rs 29,250 per kg on
increased offtake by industrial units and coin-makers.
The trading sentiment turned bullish after gold climbed
in global markets on speculation that the precious metal’s
descent to its lowest level in almost six weeks is prompting
some investors to increase their holdings.
Gold in overseas markets, which normally sets the price
trend on the domestic front, rose 0.2 per cent to USD 1,204.73
an ounce. The metal fell to USD 1,185 yesterday, its lowest
price since May 24.
Traders said the emergence of buying by stockists and
jewellers for the current marriage season amid the firming
global trend mainly led to the rise in gold and silver prices.
The firming trend in futures trading also influenced the
trading sentiment, they said.
Gold of 99.9 per cent and 99.5 per cent purity recovered
by Rs 140 each to Rs 18,700 and Rs 18,600 per ten grams,
respectively.
They had lost Rs 190 in previous trade. Sovereigns also
gained Rs 25 to Rs 14,700 per piece of eight grams.
In line with the general firming trend, silver staged a
come back on fresh buying by industrial units. Silver ready
jumped by Rs 350 to Rs 29,250 per kg and weekly-based delivery
rose by Rs 365 to Rs 29,040 per kg.
The price of silver coins also shot up by Rs 300 to Rs
34,300 for buying and Rs 34,400 for selling of 100 pieces.