Gold Regains Rs.31,000 Level as Stockists Sustained Buying

MUMBAI (Scrap Monster) : After a gap of two months, Gold on Monday regained the crucial level of Rs. 31,000 per ten grams. The gold price reflected the sustained buying of stockists and retailers without being affected by the global trend. In the last three sessions, gold price was found to gain Rs. 235 after which it rose again by Rs. 465 reaching at Rs. 31,450 per ten grams. Such a level of increase was seen earlier only on Dec. 12.

Regarding Silver, the white metal was found to climb up high by Rs. 900 to settle at Rs. 47,900 per kg. In the previous session, silver price rose to Rs. 2,060 which reflected the increased demand of silver for jewelry as well as industrial purpose. The price of 99.9 % and 99.5 % gold in Mumbai was found to trade between Rs. 31,010 and Rs. 30,950 per ten grams. While, silver in Mumbai traded at Rs. 48,500 per kg. According to traders, the upsurge of precious metal price was due to the impressive buying by stockists and investors.

The uptrend of precious metals was also due to the speculation of the slowdown of the US economy recovery which enabled the advancement of gold to the highest level in more than three months. Singapore which usually sets a price trend on the domestic market for gold on Monday showed an increase by 0.9 % USD 1,330.03 an ounce. This was reported as the higher since October last year. Silver also rose 2.2 % to USD 21.97 an ounce, another hike since November 2013. Silver coins increased by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 silver coins.