Gold gains Rs 285 to Rs 27,850 on global cues

Snapping a two-day losing trend, gold prices recovered sharply by Rs 285 to Rs 27,850 per 10 gm in the national capital today on emergence of stockists buying for the wedding season amid a firm global trend.
Silver also advanced by Rs 300 to Rs 46,000 per kg on increased offtake by industrial units and coin makers.
Traders said emergence of buying by stockists and retailers to meet the ongoing wedding season demand amid a firm trend in overseas markets mainly led a recovery in gold prices.
Gold in New York, which normally set price trend on the domestic front here, shot up by USD 21.80 to USD 1474.40 an ounce last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 285 each to Rs 27,850 and Rs 27,650 per 10 gm, respectively. The yellow metal had lost Rs 305 in last two trading session. Sovereign followed suit and rose by Rs 100 to Rs 24,000 per piece of eight gram.
In line with a general firm trend, silver ready rose further by Rs 300 to Rs 46,000 per kg and weekly-based delivery by Rs 335 to Rs 45,200 per kg. The white metal had gained Rs 400 yesterday.
Silver coins also spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.