Gold, silver rebound on fresh stockists buying, global cues

The yellow metal had lost Rs. 545 in last two sessions. File photo

Both the precious metals, gold and silver rebounded in the national capital on Friday on fresh buying by stockists driven by a firm global trend.

While gold recovered by Rs. 325 to Rs. 28,145 per ten grams, silver gained Rs. 125 to Rs. 41,350 per kg on increased offtake by industrial units and coin makers.

Traders said fresh buying by stockists in line with a firm global trend, as U.S. economic data backed the case for sustained monetary stimulus, mainly boosted the sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, gained 0.6 per cent to USD 1,341.20 an ounce and silver by 0.5 per cent to $20.35 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs. 325 each to Rs. 28,145 and Rs. 27,945 per ten grams, respectively.

The yellow metal had lost Rs. 545 in last two sessions.

Sovereign followed suit and rose by Rs. 200 to Rs. 24,400 per piece of eight gram.

In line with a general firm trend, silver ready recovered by Rs. 125 to Rs. 41,350 per kg and weekly-based delivery by Rs. 190 to Rs. 41,280 per kg. The white metal had lost Rs. 895 in the previous two sessions.

Silver coins also spurted by Rs. 1,000 to Rs. 80,000 for buying and Rs. 81,000 for selling of 100 pieces.