Gold price rebounds on demand from jewellers; silver remains weak

Gold prices recovered by Rs 120 to Rs 26,250 per 10 grams at the bullion market Friday on emergence of buying by jewellers even as the metal weakened overseas.

New Delhi: Gold prices recovered by Rs 120 to Rs 26,250 per 10 grams at the bullion market Friday on emergence of buying by jewellers even as the metal weakened overseas.

Silver, however, remained under selling pressure for the fifth straight day and shed another Rs 100 at Rs 34,600 per kg.

Traders said fresh purchases by jewellers on hopes of pick up in demand for ornaments, mainly helped gold prices to recover but a weak trend overseas as strengthening dollar eroded demand for the precious metals, capped the rise.

Globally, gold traded a shade lower at USD 1,145 an ounce, near the lowest level since November last year, in Singapore.

In the national capital, gold of 99.9 and 99.5 percent purity rose by Rs 120 each to Rs 26,250 and Rs 26,100 per 10 grams respectively.

Sovereign, however, continued to trade at last level of Rs 23,000 per piece of eight gram.

On the other hand, silver ready continued to remain under pressure and shed another Rs 100 at Rs 34,600 per kg and weekly-based delivery by Rs 165 at Rs 34,445 per kg.

Meanwhile, silver coins maintained steady at Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.

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