Gold snaps 5-day losing streak, gains Rs 75

New Delhi, Dec 17: Snapping five-day losing streak, gold prices recovered Rs 75 to Rs 27,840 per 10 gram in the national capital today on buying at lower levels amid firm trend overseas. However, silver shed another Rs 100 to Rs 53,000 per kg on stockists selling at prevailing high levels and restricted buying by industrial units.

Buying in gold picked up after it recorded the biggest gain in almost two weeks in global markets on rising demand after an over 8 per cent fall in the last four days. Gold in global markets, which normally set price trend on the domestic front, rose by 28.60 dollar to 1,599.20 dollar an ounce in New York last night.

In addition, low level buying by retailers also supported the recovery move in gold prices. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 75 each to Rs 27,840 and Rs 27,700 per 10 grams respectively.

The metal had lost Rs 1,565 in last five trading sessions. Sovereign continued to be around the previous level of Rs 23,200 per piece of eight gram. On the other hand, silver ready declined by Rs 100 to Rs 53,000 per kg but weekly-based delivery rose by Rs 100 to Rs 53,700 per kg on scattered speculative buying. Silver coins remained stable at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces in restricted activities.

PTI