Gold price snaps 3-day falling trend, rebounds on global cues
New Delhi: Snapping its three-day falling trend, gold prices recovered by Rs 320 to Rs 31,020 per ten grams in the national capital Wednesday on fresh buying by stockists and retailers amid firm global cues.
Silver also extended gains for the second day by rising Rs 600 to Rs 46,700 per kg on increased offtake by industrial units and coin makers.
Traders said fresh buying by stockists and retailers at the prevailing lower levels mainly led the recovery in gold prices.
Firm global trend where gold climbed to the highest level in almost six months as speculation that China's growth is faltering, boosted the haven demand and further fuelled the uptrend in gold, they said.
Gold in Singapore, which normally sets price trend on the domestic front, rose by 1.1 percent to USD 1,363.97 an ounce, the highest level since September 20 and silver by 1.3 percent to USD 21.10 an ounce.
On the domestic front, gold of 99.9 and 99.5 percent purity rebounded by Rs 320 each to Rs 31,020 and Rs 30,820 per ten grams, respectively. It had lost Rs 360 in the precious three sessions. Sovereign, however, held steady at Rs 25,400 per piece of eight grams.
Silver ready advanced by Rs 600 to Rs 46,700 per kg and weekly-based delivery by Rs 550 to Rs 46,450 per kg. The white metal had gained Rs 170 yesterday.
On the other hand, silver coins held steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.