New Delhi: Snapping its three-day losing run, gold prices recovered from over a four-month low by surging Rs 175 to Rs 25,700 at the bullion market today, taking positive cues from global markets amid fresh buying by jewellers. Silver followed suit and traded higher by Rs 200 at Rs 34,200 per kg on increased offtake by industrial units and coin makers.
Traders attributed recovery in precious metal prices to a firm trend overseas as investors awaited speech from Federal Reserve Chair Janet Yellen and the November jobs report later
this week for more clues on when the central bank will raise rates.
- Gold climbed 0.9 percent to USD 1,074.76 an ounce in Singapore. On Friday, the metal had dropped to USD 1,052.83, its lowest level since February 2010.
- In the national capital, gold of 99.9 and 99.5 percent purity climbed Rs 175 each to Rs 25,700 and Rs 25,550 per ten grams, respectively.
- The precious metal had lost Rs 295 in the previous three days.
- The sovereign, however, remained steady at Rs 22,200 per piece of eight gram in limited deals.
- Silver ready recovered by Rs 200 to Rs 34,200 per kg and weekly-based delivery by Rs 85 to Rs 33,665 per kg.
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