Gold Makes Year's Biggest One Day Comeback

03/10/2015 3:44 PM IST | Updated 15/07/2016 8:25 AM IST
Undated photo of gold ingots in the strongroom of the Swiss national bank in Bern. The Swiss government on Wednesday, April 12, 2000, approved legislation that will allow the country's central bank to start selling part of its gold reserves at the beginning of May. (AP Photo/Archiv)

Snapping its five-day falling streak, gold rebounded by Rs 660, its biggest one-day surge this year, to trade at Rs 26,810 per ten grams at the bullion market today.

The precious metal, after five sessions of losses, recovered 2.1 per cent to USD 1,136.60 an ounce in New York yesterday as the US payrolls rose less than expected in September and wages stagnated, weakening the case for the Federal Reserve to raise interest rates this year.

Silver also rose sharply by Rs 1,200 to Rs 35,800 per kg on increased offtake by industrial units and coin makers.

Bullion traders said sentiments got a boost after gold rebounded in global markets and revival of buying by jewellers and retailers at domestic markets at current levels.

In the national capital, gold of 99.9 and 99.5 per cent purity zoomed by Rs 660 each, its biggest rise this year, to trade at Rs 26,810 and Rs 26,660 per ten grams respectively.

It had gained Rs 600 previously on August 12.

The precious metal had lost Rs 1,100 in the past five straight sessions.

Sovereign gold followed suit and rose by Rs 200 to Rs 22,300 per piece of eight grams.

Following gold, silver ready recorded a significant rally of Rs 1,200 to Rs 35,800 per kg but weekly-based delivery shed Rs 70 to Rs 34,575 per kg.

Silver coins soared by Rs 1,000 to Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.

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