Gold price rebounds by Rs 150 to Rs 28,550 per 10 grams

New Delhi: Gold prices rebounded by Rs 150 to Rs 28,550 per 10 grams at the bullion market Friday on firm cues from global markets and fresh buying by local jewellers.

Silver also recovered by Rs 200 to Rs 38,400 per kg, backed by increased offtake by industrial units and coin makers.

Marketmen said a firm trend overseas, as recent political events in the US continued to weigh on the greenback and boost demand for safe-have assets, coupled with pick up in buying by local jewellers at domestic spot markets led to the recovery in gold prices.

Globally, gold rose by 0.28 percent to USD 1,228.20 an ounce and silver by 0.64 percent to USD 16.41 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity bounced back by Rs 150 each to Rs 28,550 and Rs 28,400 per 10 grams respectively. It had lost Rs 265 in yesterday's trade.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams in scattered deals.

Tracking gold, silver ready rose by Rs 200 to Rs 38,400 per kg while weekly-based delivery gained Rs 180 to Rs 38,280 per kg.

On the other hand, silver coins remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.