Gold rebounds by Rs 155 on firming global trend

Gold prices today recovered by Rs 155 to Rs 18,400 per 10 gram in the bullion market here on buying by stockists and jewellers after firming global trends.

Silver rose by Rs 120 to Rs 29,370 per kg on increased offtake by industrial users and coin makers.

Trading sentiment turned bullish after gold rose in global markets as the dollar dropped against the euro, boosting the appeal of the precious metal as an alternative asset.

Gold rose by $10.80 to $1,205.70 an ounce in global markets.

On the domestic front, gold of 99.99 per cent and 99.5 per cent purity surged by Rs 155 each to Rs 18,400 and Rs 18,300 per ten grams respectively. It had lost Rs 55 in the previous two sessions.

Sovereigns followed suit and gained Rs 100 to Rs 14,700 per piece of eight gram. In similar fashion, silver ready rose by Rs 120 to Rs 29,370 per kg and weekly-based delivery by Rs 180 to Rs 29,130 per kg.

Silver coins also rose by Rs 100 to Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces on account of festive season.