Gold, Silver Bounce On Global Cues, Jewellers' Buying

Snapping its seven-day losing streak, gold prices recovered from over a two-month low by rising Rs 80 to Rs 26,330 per 10 grams at the bullion market today, tracking a firm trend overseas amid fresh buying by jewellers.

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Silver also edged up by Rs 50 to Rs 35,800 per kg on increased offtake by industrial units and coin makers.

Bullion traders said that apart from a firm global trend, emergence of buying by jewellers at prevailing levels mainly led to a recovery in the precious metal prices.

Gold in Singapore, which normally sets price trend on the domestic front, was 0.5 per cent higher at USD 1,109.36.

Meanwhile, the precious metal ended 0.35 per cent lower at USD 1,103.60 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 80 each to Rs 26,330 and Rs 26,180 per ten grams, respectively. The precious metal had lost Rs 1,015 in the previous seven straight days.

The sovereign, however, remained flat at Rs 22,300 per piece of eight gram in limited deals.

Following gold, silver ready inched up Rs 50 to Rs 35,800 per kg and weekly-based delivery by Rs 85 to Rs 35,460 per kg.

Silver coins flared up by Rs 1,000 to Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.

PTI