Snapping a three day losing streak, gold prices rebounded by Rs. 210 to Rs. 31,550 per 10 gm in the national capital on Friday on emergence of buying at existing lower levels for the wedding season amid a firm global trend.
Silver followed suit and spurted by Rs. 700 to Rs. 61,700 per kg on increased off-take by industrial units.
Traders said emergence of buying at existing lower levels for the wedding season amid a firm global trend mainly led to rise in both gold and silver prices.
They said the gold in global markets as speculation of more stimuli around the world lured buyers bolstered the sentiment.
Gold in overseas markets, which normally set price trend on the domestic front, rose by 0.2 per cent to USD 1,703.95 an ounce in Singapore.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs. 210 each to Rs. 31,550 and Rs. 31,350 per 10 gm, respectively. The metal had lost Rs. 660 in last three sessions. Sovereign remained stable at Rs. 25, 500 per piece of eight gram.
In line with a general firming trend, silver ready spurted by Rs. 700 to Rs. 61,700 per kg and weekly-based delivery by Rs. 490 to Rs. 62,515 per kg. Silver coins continued to be asked around previous level of Rs. 79,000 for buying and Rs. 80,000 for selling of 100 pieces.
