Gold bounces from 5-day losing streak on global cues

Jul 21, 2010 |

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New Delhi, July 21: Snapping out of a five-day long losing streak, gold prices in the Capital today recovered by Rs 125 to Rs 18,600 per ten gram on the back of a firming trend in the global markets.

Silver also gained Rs 80 to Rs 28,980 per kg on increased industrial offtake.

Market analysts said fresh buying by stockists and retailers amid firming trend in New York last evening led to the rise in gold and silver prices.

Gold price in global markets, which usually sets the trend at the domestic level, rose by USD 8.10 to USD 1192.20 an ounce.

The gold with 99.99 purity and 99.5 purity recovered by Rs 125 each to Rs 18,600 and Rs 18,500 per ten grams respectively. Sovereign also gained Rs 75 to Rs 14,700 per piece of eight gram.

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