Thursday, June 6, 2013

Gold rebounds on local buying support; silver ends flat

Gold rebounded at the domestic bullion market today on renewed offtake from retail consumers amid good investment buying.  In contrast, industrial metal ended almost flat in thin trade owing to subdued industrial demand.  Standard gold of 99.5 per cent purity rose by Rs 75 to finish at Rs 27,105 per 10 gm from Tuesday's closing level of Rs 27,030.  Pure gold of 99.9 per cent purity also firmed up by Rs 75 to end at Rs 27,230 per 10 gm from Rs 27,155. Silver ready (.999 fineness), however softened by Rs 5 to close at Rs 44,995 per kg from Rs 45,000 yesterday.

 Meanwhile, globally, the shiny metal retreated from the psychologically important $ 1,400 an ounce mark on strong dollar and ahead of key US macro economic data amid ongoing concerns about Fed's bond-buying policy.  Gold for August delivery slumped $ 14.70 to conclude at $ 1,397.20 an ounce on the Comex division of the NYMEX late yesterday and July silver contract fell 31 cents to $ 22.41 an ounce.
Source : Economic Times

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