Gold price rallies for fourth day, up Rs 100 on sustained buying - Indian Express

PTI : New Delhi, Wed Jul 03 2013, 15:54 hrs Rising for the fourth straight session, gold prices today shot up by another Rs 100 to Rs 26,800 per 10 grams in the national capital on sustained buying by stockists amid a firming global trend. However, silver met with some resistance at prevailing high levels and declined by Rs 50 to Rs 41,250 per kg, after gaining Rs 2,290 in the previous three sessions. Traders said sustained buying by stockists and investors shifting their funds from melting stocks to bullion mainly kept gold prices firm for the fourth-day. A firming global trend as investors weighed prospects for increased physical demand against a slowing stimulus in the US, further influenced the sentiment. Gold in London, which normally sets the price trend on the domestic front here, rose by 0.3 per cent to USD 1,247.60 an ounce. On the the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 100 each to Rs 26,800 and Rs 26,700 per 10 grams, respectively. It had gained Rs 1050 in last three days. Sovereigns held steady at Rs 24,000 per piece of eight grams in restricted buying. On the other hand, silver ready met with resistance and shed Rs 50 to Rs 41,250 per kg while weekly-based delivery rose by Rs 60 to Rs 40,935 per kg on scattered speculators buying. Silver coins continued to be asked around previous levels of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces. ALSO READ Silver futures prices surge 0.85% on positive global cues Gold price inches up on thin trade as stocks ease Gold price stages smart recovery to retrace Rs 26,000 mark on heavy demand Gold price up on firm overseas cues Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEl0-YA9svlLZLrSl9AWXx6DTh8fg&url=http://www.indianexpress.com/news/gold-price-rallies-for-fourth-day-up-rs-100-on-sustained-buying/1137184/

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