Precious metals recover on firm global cues

Posted By: Pti
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New Delhi, Jan 24 (PTI) Both silver and gold recovered inthe bullion market today on emergence of buying by retailersand stockists for the ongoing marriage season amid firm globalcues.

While silver staged a strong comeback by rising Rs 350 toRs 43,350 per kg, gold recovered by Rs 40 to Rs 20,410 per tengrams on fresh buying.

Traders said retail customers and stockists indulged inbuying for the ongoing marriage season, fearing the pricesmight go up further on firm overseas trends.

They said reports of Morgan Stanley raising gold priceforecast for this year by 6 per cent to USD 1,400 an ounce,further fuelled the buying activity.

Meanwhile, gold in Asian region rebounded from thelongest weekly losing streak since July as the fall promptedsome investors to boost purchases.

The metal rose 0.8 per cent to USD 1,353.47 an ounce inSeoul and silver by 1.4 per cent to USD 27.89 an ounce afterlosing 3.4 per cent last week.

On the domestic front, the silver ready spurted by Rs 350to Rs 43,350 per kg and weekly-based delivery by Rs 500 to Rs43,200 per kg.

Silver coins rose by Rs 100 to Rs 48,500 for buying andRs 48,600 for selling of 100 pieces on rising demand for themarriage season.

Gold of 99.9 and 99.5 per cent purity by Rs 40 each to Rs20,410 and Rs 20,290 per ten grams, respectively. Sovereign,however, remained unchanged at Rs 16,800 per piece of eightgrams in limited deals.

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