In line with gold, silver prices also rose by Rs 200 to Rs 37,800 per kg on increased offtake by industrial units and coin makers, the report added. Silver coins remained unchanged at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
Global spot gold prices were up 0.6% at $1,203.35 an ounce at 3.30pm, after rising 0.5 percent in the previous session. US gold futures added 0.6 percent at $1,209 an ounce. Gold has tumbled more than 12% from a peak of $1,365.23 in April. The recent price correction has spurred a lot of physical buying in not just active gold buying countries like India and China, but in southeast Asia for investment purposes too, traders and analysts said.
“The precious metals are witnessing a relief bounce, which coupled with the strong oversold conditions is leading to some short covering,” said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan. “The bottom is very close because I think the US dollar is close to reaching the top, together with the peak of the US economy.”
