Riding on strong global cues and wedding season buying by jewellers at the domestic spot market, gold on Saturday reclaimed the Rs 26,000-mark per gram by surging Rs 440 at the bullion market.
Silver (.999 fineness) regained by Rs 290 per kg to finish at Rs 34,600 from Rs 34,310 earlier.
The rupee pushed down to over two-year low against the dollar, making imports costlier, which too lifted gold prices.
Bullion merchants attributed the rally in the precious metals to a firming trend overseas where the prices climbed to an almost three-week high and persistent buying by jewellers driven by the ongoing wedding season.
Globally, gold climbed 0.3 per cent to $1,065.12 an ounce in Singapore while the precious metal ended 0.80 per cent higher at $1,061.60 an ounce in NY on Thursday.
At the Multi Commodity Exchange, gold for delivery in December moved up by Rs 173 or 0.69 per cent to Rs 25,110 per 10 grams with a business turnover of 952 lots.
The sovereign, however, ruled steady at Rs 22,200 per piece of eight grams.
Following gold, silver ready rallied by Rs 850 to Rs 34,950 per kg and weekly-based delivery by Rs 1,560 to Rs 35,150 per kg.
Source: http://chronicledaily.com/2015/12/06/gold-recovers-by-rs-210-on-global-cues-buying-uptick/
