Gold rebounds on marriage season demand, global cues
New Delhi: Gold prices moved up by Rs 220 to Rs 31,720 per ten gram in the national capital Thursday on marriage season demand amid a firm global trend.
However, silver held steady at Rs 48,000 per kg on lack of buying support from industrial units.
Traders said increased buying by stockists and retail customers for the marriage season mainly led to recovery in gold prices.
Firm global trend further supported the uptrend, they said.
Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.6 percent to USD 1,289 an ounce.
On the domestic front, gold of 99.9 and 99.5 percent purity recovered by Rs 220 each to Rs 31,720 and Rs 31,520 per ten gram, respectively. It had lost Rs 315 yesterday.
Sovereign followed suit and went up by Rs 100 to Rs 25,300 per piece of eight gram.
On the other hand, silver ready held steady at Rs 48,000 per kg while weekly-based delivery lost Rs 110 at Rs 47,200 per kg on lack of speculators support, while silver coins spurted by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces on marriage season demand.