Gold price snaps 2-day losing streak, ends at Rs 27,950 per 10 grams

New Delhi: Snapping two-day losing streak, gold regained some sheen by rising Rs 100 to 27,950 per 10 gram at the bullion market Wednesday on a firm global trend and increased buying by jewellers in the domestic spot market.

Silver too rebounded, gaining Rs 650 to Rs 39,650 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to a firm trend in the overseas markets and increased buying by domestic jewellers.

In the national capital, gold of 99.9 percent and 99.5 percent purity recovered by Rs 100 each to Rs 27,950 and Rs 27,800 per 10 gram, respectively. The metal had lost Rs 80 in the previous two sessions.

The was in line with gold rising 0.38 percent to USD 1,136.40 an ounce and silver by 0.47 percent to USD 16.15 an ounce in Singapore.

Sovereign, however, remained steady in domestic market at Rs 24,000 per piece of eight grams.

Silver ready gained Rs 650 to Rs 39,650 per kg and weekly-based delivery by Rs 630 to Rs 39,675 per kg.

Silver coins, however, remained unaltered at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.