Gold, silver rebound on global cues
Both the precious metals, gold and silver, recovered on Saturday on buying by stockists and retailers at existing lower levels amid a firm global trend.
While gold climbed by Rs. 160 to Rs. 31,030 per 10 grams, silver by Rs. 1,050 to Rs. 58,800 per kg. Silver coins also spurted by Rs. 3,000 to Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.
The sentiment turned better after gold in global markets gained as an impasse in US budget talks boosted demand for the metal as an investment haven.
Gold in New York, which normally sets the price trend on the domestic front, advanced 0.9 per cent to USD 1,660.10 an ounce and silver by 1.8 per cent to USD 30.20 an ounce.
In addition, some retail buying at existing lower levels also influenced the sentiment to some extent, they said.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs. 160 each to Rs. 31,030 and Rs. 30,830 per 10 grams, respectively. Sovereigns followed suit and rose by Rs. 50 to Rs. 25,450 per piece of eight grams.
In line with a general firming trend, silver ready shot up by Rs. 1050 to Rs. 58,800 per kg and weekly-based delivery by Rs. 410 to Rs. 58,125 per kg.
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