Capital Gold Group Report: Investors Buying Back Gold in Dips
Investors previously holding long positions in gold who sold at peak prices to secure profits are buying back in.
3 May, 2008, 1611 hrs IST,
MUMBAI: Gold prices recovered on fresh demand from stockists in the bullion market on Saturday in view of higher advices from New York.
Silver prices also moved up in line with the gold. Gold futures regained some ground on Friday as participants bought back previously sold positions, a dealer said.
June gold rose by $7.10 to $858 an ounce on the Comex division of the New York Mercantile Exchange.
The yellow metal rose amid "a general short covering rally in commodities," with a rise in crude oil leading the way, he added.
Silver also benefited from short covering as it followed gold. Comex July silver rose 26 cents to $16.465 an ounce.
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