Gold rebounds on global cues, jewellers buying; silver up

New Delhi: Gold prices rebounded by Rs 150 to Rs 30,850 per ten gram at the bullion market today, in line with a firming trend overseas and fresh buying by jewellers at the domestic spot market.

Silver too rallied Rs 430 to Rs 46,730 per kg on increased offtake by industrial units and coin makers.

Analysts attributed recovery in gold prices to a firming trend in global markets where it advanced for the eighth time in nine days as investors indulged in raising their bets in safe-haven assets.

Besides, emergence buying by jewellers at domestic spot market, influenced precious metal prices, they said.

Globally, gold was trading higher at USD 1,365.41 an ounce in Singapore.

In the national capital, gold of 99.9 percent and 99.5 percent purity recovered by Rs 150 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. The metal had lost Rs 350 in the previous three days.

Sovereign also went up by Rs 100 to Rs 23,500 per piece of eight grams.

Silver ready strengthened by Rs 430 to Rs 46,730 per kg and weekly-based delivery by Rs 650 to Rs 48,135 per kg.

Silver coins too spurted Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.