Gold, silver rebound on low-level buying, firm global cues

New Delhi, Nov 19: Snapping a two-day falling trend, gold and silver prices recovered in the bullion market today on fresh buying at existing lower levels amid the ongoing marriage season on the back of a firming global trend.

While gold prices recovered by Rs 115 to Rs 29,205 per 10 grams, silver rates rose by Rs 1,325 to Rs 56,400 per kg on rising demand from jewellers and industrial units.

Traders said fresh buying by stockists for the ongoing marriage season at attractive low levels and reports of a firming global trend mainly led to the rise in both gold and silver prices.

Gold in global markets, which normally sets the price trend on the domestic front, rose by $ 4.90 to $ 1,724.80 dollar an ounce and silver by 2.21 per cent to $ 32.41 per ounce in New York.

On the domestic front, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 115 each to Rs 29,205 and Rs 29,065 per 10 grams, respectively. The metal has lost Rs 350 over the past two trading sessions. Sovereign continued to see demand at around the previous level of Rs 23,300 per piece of eight grams.

In a similar fashion, silver ready prices rebounded by Rs 1,325 to Rs 56,400 per kg and weekly-based delivery by Rs 1,385 to Rs 55,860 per kg. Silver coins also moved up by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

PTI