Gold rebounds by Rs 185 on festive buying, global cues

The beginning of 'Navratras' festival is considered an auspicious week for making fresh purchases

Gold prices rebounded by Rs 185 to Rs 26,500 per ten grams at the bullion market here today on revival of buying by jewellers and retailers triggered by beginning of auspicious 'Navratras' festival and a firming global trend.

Silver maintained an upward trend for the third straight day and surged by Rs 1,450 to Rs 38,000 per kg on increased offtake by industrial units and coin manufacturers.

Bullion merchants said fresh buying by jewellers and retailers and firming global trend mainly boosted the prices.

In addition, beginning of 'Navratras' festival which is considered an auspicious week for making fresh purchases also influenced the sentiment, they said.

Globally, gold rose by 1.3 per cent to $1,184.60 an ounce and silver jumped 4.8 per cent to $16.88 an ounce, the biggest rise since December 9.

In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 185 each to Rs 26,500 and Rs 26,350 per ten grams respectively. The precious metal had shed Rs 60 yesterday.

Sovereign, continued to be asked at last level of Rs 23,600 per piece of eight gram.

In a similar fashion, silver ready recorded a significant rise of Rs 1,450 to Rs 38,000 per kg and weekly-based delivery by Rs 1,515 to Rs 37,780 per kg.

Silver coins also climbed Rs 1,000 to Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces.