Gold snaps 4-day falling trend on low level buying, global cues

Snapping its four-day losing streak, gold prices recovered marginally by Rs 5 to Rs 29,355 per ten grams in the national capital today on revival of buying at existing lower levels amid a firm global trend.

Silver also recovered by Rs 139 to Rs 43,539 per kg on fresh buying by industrial units.

Traders said revival of buying by retailers at existing lower levels led the marginal recovery in gold prices. Firm global trend also influenced the sentiment to some extent, they said.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.4 per cent to $1,296.80 an ounce and silver by 0.8 per cent to $19.86 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity inched up by Rs 5 each to Rs 29,355 and Rs 29,155 per ten grams, respectively, after losing Rs 1,000 in the previous four sessions.

However, sovereign declined by Rs 100 to Rs 24,800 per piece of eight grams.

Silver ready also rebounded by Rs 139 to Rs 43,539 per kg and weekly-based delivery by similar margin to Rs 43,039 per kg. It had lost Rs 3,800 in last nine trading sessions.

On the other hand, silver coins maintained a steady trend at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.