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Gold, silver rebound on low-level buying, global cues

Press Trust of India  |  New Delhi 

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.

First Published: Sat, December 22 2012. 15:55 IST