Gold price rebounds on seasonal demand

Snapping its two-day losing streak, gold prices on Wednesday rebounded by Rs 120 to Rs 28,420 per ten grams at the bullion market here on revival of buying by jewellers to meet ongoing wedding season demand even as metal retreated overseas.

New Delhi: Snapping its two-day losing streak, gold prices on Wednesday rebounded by Rs 120 to Rs 28,420 per ten grams at the bullion market here on revival of buying by jewellers to meet ongoing wedding season demand even as metal retreated overseas.

Silver also recovered by Rs 120 to Rs 39,520 per kg on increased offtake by industrial units and coin makers.

Traders said emergence of buying by jewellers and retailers to meet wedding season demand helped the precious metals to recover but a weak trend in global market before the US Federal Reserve ends a two-day meeting, capped the gains.

Globally, gold in Singapore lost 0.3 percent to USD 1,288.65 an ounce and silver dropped 0.2 percent to USD 18.02 an ounce.

In Delhi, gold of 99.9 and 99.5 percent purity traded higher by Rs 120 each to Rs 28,420 and Rs 28,220 per ten gram respectively. The precious metal had lost Rs 200 in the past two days.

Sovereign, however, moved in a tight range in limited deals and settled at last level of Rs 24,000 per piece of eight gram.

In line with overall trends, silver ready recovered by Rs 120 to Rs 39,520 per kg and weekly-based delivery by Rs 273 to Rs 39,488 per kg.

Silver coins were also in better form and spurted by Rs 1,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.

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