Snapping its three-day falling trend, gold prices recovered by Rs 320 to Rs 31,020 per ten grams in the national capital today on fresh buying by stockists and retailers amid firm global cues.
Gold fell for the fourth straight day as prices shed Rs 10 to Rs 29,250 per 10 grams in the national capital today on sustained selling by stockists against sluggish demand amid a weakening global trend.
Gold prices recovered by Rs 20 to Rs 30,200 per ten grams in the national capital on Wednesday on buying by retailers.
Outcome of general election due in April-May with prospects of a stable new government would influence gold prices apart from equity markets, a study said.
The price of gold is the highest it's been in four months as tensions escalate over Russia sending troops into Ukraine.
Gold prices on Saturday fell by Rs 230 to Rs 30,830 per ten gram while silver plunged by Rs 930 due to selling by stockists amid weak global cues.
Snapping its two-day losing streak, gold prices recovered by Rs 25 to Rs 31,250 per ten grams in the national capital today following low level buying for the ongoing marriage season amid a firming global trend.
Drop in gold and silver prices has not been able lift the mood of gold traders in the city.
Gold prices in India may increase beyond Rs 32,000 per ten grams in the coming few months in case the voters throw up a highly fractured mandate leading to an unstable government at the centre, it cautioned, an ASSOCHAM study on Gold has pointed out.
It is not only the Sensex but also gold prices which will largely be influenced by outcome of general elections and stability of new government along with global concerns over China and the US, an ASSOCHAM study on Gold has pointed out.