Gold bounces from Ten month low, scattered buying saves the day

Gold prices rebounded from a ten month low by climbing Rs. 180 to Rs. 27,930 per 10 grams on Dec. 17, 2016 today, taking cues from a firm trend overseas amid scattered buying by local jewellers.

Silver, too, edged up by Rs. 50 to Rs. 39,650 per kg on uptick in demand from industrial units.

The recovery in gold prices, according to traders, was mostly because of the rising trend overseas & emergence of selective buying by jewellers at the domestic spot market.

Globally, gold rose 0.57% to USD 1,134.60 an ounce and silver by 0.75% to USD 16.07 in New York on Dec. 16, 2016.

In the national capital Delhi, gold of 99.9% and 99.5% purity recouped Rs. 180 each at Rs. 27,930 and Rs. 27,780 per 10 grams, respectively.

Sovereign, however, remained flat at Rs. 24,000 per piece of 8 grams.

Silver ready followed gold as it recovered Rs. 50 to Rs. 39,650 per kg and weekly-based delivery Rs. 10 to Rs. 39,695.

On the other hand, silver coins lacked necessary buying support & plunged by Rs. 1,000 to Rs. 70,000 for buying and Rs. 71,000 for selling of 100 pieces.

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