Gold rises by Rs. 200, silver up by Rs. 800 on festive demand

Snapping two days of losses gold today rose by Rs. 200 to Rs. 26,640 per 10 grams on buying support by stockists at existing low levels amid a firm trend in the Asian region.

Silver also shot up by Rs. 800 to Rs. 54,300 per kg on increased offtake by industrial units and jewellers for the ongoing festive season.

Trading sentiments turned better after gold climbed in Asia, as investors sought to protect their wealth against Europe’s sovereign-debt crisis and a potential slowdown in the global economic recovery.

Gold in the Asian region rose by 1.6 per cent to $ 1,640.32 an ounce and silver by 2.2 per cent to $ 31.29 an ounce in Singapore.

In addition, pick-up in local demand for the ongoing ‘Navratra’, considered an auspicious period in Hindu mythology for making new purchases, also supported the uptrend in both gold and silver.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered sharply by Rs. 200 each to Rs. 26,640 and Rs. 26,500 per 10 grams, respectively. The metal had lost Rs. 575 in last two trading sessions. However, sovereigns held steady at Rs. 21,700 per piece of eight grams in limited deals.

In line with a general firm trend, silver ready jumped up by Rs. 800 to Rs. 54,300 per kg on increased offtake by industrial units, while silver weekly-based delivery lost Rs. 280 to Rs. 52,160 per kg on lack of speculator’s support.

Meanwhile, silver coins ended flat at Rs. 60,000 for buying and Rs. 61,000 for selling of 100 pieces.

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