Gold rebounds on wedding season demand, global cues

Gold jwellery ornaments displyed for sale at shop in Kochi, Kerala.Gold prices have shot up in the past three days as investors are zeroing in on gold as a highly profitable investment. Sudden crash in the global stock exchange have also contributed to this rise in price. Digital Picture By K_K_Mustafah.10/05/2010

Gold prices rebounded by Rs 115 to Rs 18,790 per ten gram in the bullion market here on Saturday on aggressive buying by stockists and jewellers for the ongoing marriage season amid a firming global trend.

The precious metal gained 2.30 dollar to 1,214.30 dollar an ounce in overseas markets.

Standard gold and ornaments recovered sharply by Rs 115 each to Rs 18,790 and Rs 18,640 per ten gram respectively.

They had lost Rs 135 in the previous trading session.

Sovereign gained Rs 50 to Rs 14,600 per piece of eight gram.

Spurred by an all-round boom in buying for the wedding season and a firming global trend, gold prices climbed to a record level of Rs 18,810 on Wednesday.

However, silver ready held steady at Rs 29,600 per kg and weekly-based delivery gained Rs 20 to Rs 29,275 per kg.

Silver coins continue to be asked around the previous level of Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.