Gold prices recovered by Rs 80 at Rs 13,700 per 10 gram in the national capital on Friday on emergence of buying by investors on firming global trend amid equity markets declining. Silver also moved up by Rs 190 to Rs 18,690 per kg. Marketme n said buying activity picked up as weakening stock markets world-wide shifted investors funds toward bullion as a better option.
Gold went up to $856.50 dollar in London from $848.20 last evening in the New York Exchange. The stock markets in Asia as well as in the US remained under selling pressure on rising concerns over deepening recession. Standard gold and ornaments recover ed by Rs 80 each to Rs 13,700 and Rs 13,550 per 10 gram respectively. Sovereign followed suit and traded higher by Rs 50 to Rs 10,850 per piece of eight gram. In a similar fashion, silver ready moved up by Rs 190 to Rs 18,690 per kg and weekly-based del ivery by Rs 85 to Rs 18,610 per kg. Silver coins gained Rs 100 at Rs 27,100 for buying and Rs 27,200 for selling of 100 pieces in line with general firming trend. – PTI
