Gold rebounds, hits over 2-month high on global cues

Silver edges up by Rs 55 to Rs 33,855 per kg on increased offtake by industrial units and coin makers

Gold prices rose Rs 120 to trade at over two-month high of Rs 26,450 per 10 gram at the bullion market in New Delhi today, tracking a firm trend in global market amid a pick up in buying at the domestic spot markets by jewellers.

Silver followed suit and edged up by Rs 55 to Rs 33,855 per kg on increased offtake by industrial units and coin makers.

Bullion traders said apart from a firm global trend where gold climbed to near a two-month high on increased safe haven demand as further signs of slowing growth in China spurred losses in equities, mainly boosted the sentiment here.

Globally, gold advanced 0.4 per cent to $1,108.65 an ounce in Singapore.

The rupee depreciating against the dollar, making imports costlier too attributed rise in the precious metal prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 120 each to Rs 26,450 and Rs 26,300 per ten grams, respectively, a level last seen on November 4 last year. The metal had shed Rs 20 in Saturday's trade.

Sovereign, however, held steady at Rs 22,400 per piece of eight gram in limited deals.

Tracking gold, silver ready recovered by Rs 55 to Rs 33,855 per kg, while weekly-based delivery shed Rs 25 at Rs 33,800 per kg.

Silver coins spurted by Rs 1,000 to Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.