Snapping its three-day losing streak, gold prices today rebounded by Rs. 170 to Rs. 26,820 per ten grams at the bullion market in the national capital on revival of buying by jewellers to meet ongoing wedding season demand amid a firm global trend.
Silver also recovered by Rs. 150 to Rs. 36,800 per kg on increased offtake by industrial units and coin makers.
An emergence of buying by jewellers and retailers to meet seasonal demand and a firming global trend helped the precious metal prices recover, traders said, adding the retreat in the dollar and equities also led to a revival in demand on the pretext of an alternative investment.
Gold in Singapore, which normally sets price trend on the domestic front, traded higher at $1,203.77 an ounce from $1,203.51 yesterday and silver gained 0.4 per cent to $16.42 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity traded higher by Rs. 170 each to Rs. 26,820 and Rs. 26,620 per ten gram respectively. It had lost Rs. 250 in the past three days.
Sovereign, however, moved in a tight range in limited deals and settled at last level of Rs. 23,700 per piece of eight gram.
In line with overall trends, silver ready recovered by Rs. 150 to Rs. 36,800 per kg and weekly-based delivery by Rs. 175 to Rs. 36,800 per kg.
On the other hand, silver coins maintained a steady trend at Rs. 62,000 for buying and Rs. 63,000 for selling of 100 pieces.
