Gold bounced back from a six-week low by edging up Rs. 25 to Rs. 29,225 per 10 grams on Thursday, snapping its two-day losing streak, driven by a rising trend overseas amid scattered buying by jewellers at the domestic spot market.
Silver also halted its 8-day falling trend and rebounded by Rs. 150 to Rs. 39,600 per kg on increased off-take by industrial units and coin makers. According to traders, gold rebounded from the lowest level in seven weeks as a rally in the dollar paused, buoying sentiment here.
Globally, gold rose 0.8 per cent to $1,234.36 an ounce in Singapore. The metal retreated on Wednesday to $1,217.93, the lowest intra-day level since April 6. Some buying by jewellers at the domestic spot market at prevailing levels supported the recovery.
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In the national capital, gold of 99.9 per cent and 99.5 per cent purity inched up by Rs. 25 each to Rs. 29,225 and Rs. 29,075 per 10 grams, respectively. It had lost Rs. 450 in the last two days.
Sovereign, however, remained flat at Rs. 23,000 per piece of eight grams in limited deals. Following gold, silver ready rebounded Rs. 150 to Rs. 39,600 per kg and weekly-based delivery Rs. 330 to Rs. 39,545 per kg. Silver coins, however, maintained a steady trend at Rs. 67,000 for buying and Rs. 68,000 for selling of 100 pieces.