Snapping its four-day losing streak, gold rebounded by Rs. 100 to Rs. 27,070 per ten grams at the bullion market on Wednesday mainly on the back of wedding season buying by jewellers and retailers amidst a firming global trend.
Silver also strengthened by Rs. 500 to Rs. 37,300 per kg on increased off-take by industrial units and coin makers.
Traders said besides wedding season demand from jewellers and retailers, a firming global trend as investors weighed the outlook for U.S. interest rates as Federal Reserve downplayed the possibility of an immediate increase, mainly influenced gold prices.
Gold in Singapore, which normally set price trend on the domestic front, climbed 0.9 per cent to $1,211.84 an ounce and silver by 2.1 per cent to $16.64 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs. 100 each to Rs. 27,070 and Rs. 26,870 per ten gram respectively. It had lost Rs. 315 in the last four days.
Sovereign followed suit and edged up by Rs. 50 to Rs. 23,650 per piece of eight gram. Silver ready remained in demand and advanced by Rs. 500 to Rs. 37,300 per kg and weekly-based delivery by Rs. 435 to Rs. 36,680 per kg. Silver coins also spurted by Rs. 1,000 to Rs. 59,000 for buying and Rs. 60,000 for selling of 100 pieces on hectic marriage season demand.
