Gold price up Rs 360 on stockists buying, global cues
New Delhi: Both the precious metals, gold and silver, bounced back in the national capital Thursday on stockists buying in tandem with a firming global trend.
While gold recovered sharply by Rs 360 to Rs 28,550 per 10 grams, silver gained Rs 500 to Rs 44,700 per kg.
Traders said stockists buying in line with a firm global trend mainly led an recovery move in both gold and silver prices.
Gold in New York, which normally sets the price trend on the domestic front, rose by USD 10.20 to USD 1,388.40 an ounce and silver by 0.48 percent to USD 21.79 an ounce.
Besides, investors shifting their funds from weakening equity to rising bullion also supported the uptrend.
On the domestic front, gold of 99.9 and 99.5 percent rebounded by Rs 360 each to Rs 28,550 and Rs 28,350 per 10 grams, respectively. It had lost Rs 325 yesterday.
Sovereigns followed suit and rose by Rs 100 to Rs 24,400 per piece of eight grams.
Similarly, silver ready recovered by Rs 500 to Rs 44,700 per kg and weekly-based delivery by Rs 420 to Rs 43,910 per kg. The white metal had lost Rs 490 in the previous session.
Silver coins also spurted by Rs 1,000 to Rs 80,000 for buying and Rs 81000 for selling of 100 pieces.