All the precious metal seems to be jumping up the ladder with some fresh buying coming in making in roads for a recovery among them. Both Gold and Silver was driven by the firming global markets. Gold recovered by Rs.260 to close at Rs.26920 per 10 gms. On the other hand Silver rose by Rs.500 to close at Rs. 53,500 per kg.
As per the market analysts the fresh buying by the stockists with the positive international markets is the prime reason behind the recovery. In the global markets too gold rose by 1.4% to close at USD 1,660.28 per ounce in London. Also the recent festivals of Dhanteras and Diwali has supported the uptrend of Gold and silver to a certain extent. All the precious metals are getting costlier world over. However Gold had lost Rs.250 in the earlier sessions. In the same way Silver has rebounded by Rs500 from its earlier losses.
Silver coins in the present market have declined by Rs.1000 to Rs61,000 which were earlier been sold at Rs.61000 per 100 pieces. So for the festive season with more people buying Gold and Silver it is expected that the prices could go further up for physical buying.
Bell the Bull says: Both the precious metals Gold and Silver have gained some points after a slight fall in the previous sessions. The festive season as well as the strengthening global scenario with some buying coming in has led to a recovery.