Gold recovers on firm global cues, silver also up
Monday, 9 July 2007
New Delhi, July 8 (PTI): Gold bounced back on the bullion market yesterday on revival of buying by stockists and retailers triggered by firming trend on the global front and closed with a gain of Rs 55 at Rs 8,720 per ten gram.
Silver also moved up on increased industrial offtake amid silver coins manufacturers enlarging their positions to meet demand for the forthcoming marriage season.
Marketmen said fresh buying by retailers and jewellery fabricators on the back of firming trend in overseas markets mainly pushed up gold prices.
Gold rose by 4.20 dollars at 654.80 dollars an ounce on the Comex division of the New York Mercantile Exchange in late evening while silver rose by 17.7 cents at 12.757 dollars.
August crude oil was up 51 cents to 72.32 dollar a barrel and had peaked at 72.94 dollar, its strongest level since last September also helped gold prices to go up.
Standard gold and ornaments jumped up by Rs 55 each at Rs 8,720 and Rs 8,570 per ten grams respectively while sovereign, remained flat Rs 7,550 per piece of eight gram.
Silver also moved up on increased industrial offtake amid silver coins manufacturers enlarging their positions to meet demand for the forthcoming marriage season.
Marketmen said fresh buying by retailers and jewellery fabricators on the back of firming trend in overseas markets mainly pushed up gold prices.
Gold rose by 4.20 dollars at 654.80 dollars an ounce on the Comex division of the New York Mercantile Exchange in late evening while silver rose by 17.7 cents at 12.757 dollars.
August crude oil was up 51 cents to 72.32 dollar a barrel and had peaked at 72.94 dollar, its strongest level since last September also helped gold prices to go up.
Standard gold and ornaments jumped up by Rs 55 each at Rs 8,720 and Rs 8,570 per ten grams respectively while sovereign, remained flat Rs 7,550 per piece of eight gram.