Gold rebounds on global cues, jewellers' buying

Snapping its two-day losing streak, gold prices bounced back by Rs 200 to Rs 30,750 per ten grams at the bullion market on Tuesday, tracking a firm trend overseas along with fresh buying by jewellers at the domestic spot market.

Silver also edged up by Rs 70 to Rs 46,330 per kg on increased offtake by industrial units and coin makers.

Traders said besides firm trend overseas, fresh buying by jewellers at domestic spot market, led to the recovery of the precious metals.

Gold rose 0.09% at $1,329.70 an ounce in Singapore.

In New Delhi, gold of 99.9% and 99.5% purity recovered by Rs 200 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively. The metal had lost Rs 250 in the last two days.

 

Sovereign, however, remained flat at Rs 23,400 per piece of eight grams.

Silver ready edged higher by Rs 70 to Rs 46,330 per kg, while weekly-based delivery declined by Rs 130 to Rs 46,800 per kg on lack of speculators' buying.

Silver coins, however, held steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.