Gold price bounces to Rs 30,500 per 10 grams on festive demand

New Delhi: Gold prices bounced Rs 85 to Rs 30,500 per 10 grams Tuesday following uptick in festive and wedding season demand from jewellers and retailers at the domestic spot market amid signs of a strong global trend.

Silver too rebounded Rs 100 to Rs 42,900 per kg on higher off-take by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to the surge in demand as reflected in festive and wedding season sales, and firm global cues.

Globally, gold rose 0.15 percent to USD 1,266.30 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity recovered by Rs 85 each to Rs 30,500 and Rs 30,350 per 10 grams, respectively. The metal had lost Rs 105 yesterday.

Sovereign, however, remained steady at Rs 24,400 per piece of eight grams.

In sync with gold, silver ready moved up Rs 100 to Rs 42,900 per kg and the weekly-based delivery traded higher by Rs 555 to Rs 42,700 per kg on speculative buying.

Silver coins, however, remained unchanged at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.