Silver strengthens on higher overseas trend
Precious metals moved in opposite directions on the bullion market on Tuesday as silver rose further on increased buying by stockists triggered by firming global trend and gold softened on reduced local buying.
By PTI |
NEW DELHI: Precious metals moved in opposite directions on the bullion market on Tuesday as silver rose further on increased buying by stockists triggered by firming global trend and gold softened on reduced local buying.
Marketmen said increased buying by stockists and consuming industries was influenced by reports of a rise in the metal prices in overseas markets.
However, a firm overseas trend failed to lift gold prices in the absence of buying support from jewellery fabricators and local purchasers.
Gold in the global markets gained 60 cents to $ 679.05 an ounce and silver by 4 cents to $ 13.45 an ounce.
Silver regained strength on fresh buying by stockists and recovered by Rs 50 at Rs 18,900 a kilo. Silver weekly based delivery jumped up by Rs 440 at Rs 19,240 a kilo.
Silver coins, however, quoted unchanged mark of Rs 24,200 for buying and Rs 24,300 for selling of 100 coins.
On the other side, standard gold and ornaments lost Rs 25 each at Rs 9,225 and Rs 9,075 per ten grams respectively on reduced offtake from local parties. Sovereign, followed suit and shed same margin of Rs 25 at Rs 7,700 per piece of eight gram.
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