Commodity Online

MUMBAI: Gold prices fell by just ten rupees per 10 gram at close on Wednesday at the bullion market here.

The precious yellow metal, influenced by firming global trend, wiped off early losses to close the day at 11,820 per ten gram.

Trading lower at Rs 11,720 per ten gram at the opening session, the gold prices surged and finally settled at Rs 11,820 per ten gram. Sovereign was enquired at unchanged level of Rs 9,800 per piece of eight gram

The recovery was backed by reports of the precious metal in London, which plunged below 900 dollar an ounce since February 15 yesterday, attracted buyers and closed higher.

Analysts said the yellow metal firmed up in London and this gave way to similar movement in the domestic markets here.

They said, silver also gained on demand from industrial units and coins manufacturers, recording a handsome gain.

Silver ready met with fresh buying by stockists and jewellery fabricators and recovered a sharp gain of Rs 370 to Rs 22,600 per kilo and weekly based delivery by Rs 340 at Rs 22,040 per kilo.

Its coins, however, remained flat at Rs 26,500 for buying and Rs 26,600 for selling of 100 coins in limited deals.