Gold price perks up on global cues, jewellers' support

New Delhi: Gold bounced back from a six-week low by edging up Rs 25 to Rs 29,225 per 10 grams Thursday, snapping its two-day losing streak, driven by a rising trend overseas amid scattered buying by jewellers at the domestic spot market.

Silver also halted its 8-day falling trend and rebounded by Rs 150 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.

According to traders, gold rebounded from the lowest level in seven weeks as a rally in the dollar paused, buoying sentiment here.

Globally, gold rose 0.8 percent to USD 1,234.36 an ounce in Singapore. The metal retreated on Wednesday to USD 1,217.93, the lowest intra-day level since April 6.

Some buying by jewellers at the domestic spot market at prevailing levels supported the recovery.

In the national capital, gold of 99.9 percent and 99.5 percent purity inched up by Rs 25 each to Rs 29,225 and Rs 29,075 per 10 grams, respectively. It had lost Rs 450 in the last two days.

Sovereign, however, remained flat at Rs 23,000 per piece of eight grams in limited deals.

Following gold, silver ready rebounded Rs 150 to Rs 39,600 per kg and weekly-based delivery Rs 330 to Rs 39,545 per kg.

Silver coins, however, maintained a steady trend at Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.