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Gold, silver recovers from lows, to trade higher

Gold futures recovered by Rs 231 to 27,067 per 10 grams today, as speculators created fresh positions driven by a firming global trend.

At the Multi Commodity Exchange, February gold rose by Rs 231, or 0.86%, to Rs 27,067 per 10 grams, with a business turnover of 4,699 lots.

The April delivery moved up by Rs 225, or 0.83%, to Rs 27,375 per 10 grams, with a trade volume of 231 lots.

Market analysts attributed to recovery in gold futures to a firming global trend.

Meanwhile, gold rose by $8.20 to $1,553.70 an ounce in Asian region.

Silver prices traded higher by 1.06 per cent to Rs 50,750 per kg in futures trade today, as speculators built up fresh positions, driven by a firming global trend.

At the Multi Commodity Exchange, silver for delivery in March rose by Rs 532, or 1.06 per cent, to Rs 50,750 per kg, with a business volume of 13,942 lots.

Likewise, the metal for delivery in May moved up by Rs 533, or 1.04 per cent, to Rs 51,873 per kg, with a trade turnover of 579 lots.

Market analysts said fresh buying by speculators in tandem with a firming global trend, mainly pushed up silver futures prices.

Meanwhile, silver rose by 2.28 per cent to $27.77 an ounce in New York last night. – PTI

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Posted by on Dec 30 2011. Filed under Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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