Gold, silver recover on low-level buying, global cues

New Delhi, Sep 23: Snapping three days of losses, gold prices rebounded by Rs 150 to Rs 27,000 per ten gram in the national capital today on emergence of buying by jewellers and retailers at existing lower levels amid a firm global trend.

Silver followed suit and recovered by Rs 250 to Rs 39,500 per kg on increased offtake by industrial offtake. Traders said emergence of buying at prevailing lower levels by jewellers and retailers ahead of the festive and wedding season, a firm global trend mainly led the recovery in precious metals.

Globally, gold in Singapore, which normally sets price trend on the domestic front, recovered from an eight-month low by rising 0.4 per cent to USD 1,220.21 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity recovered by Rs 150 each to Rs 27,000 and Rs 26,850 per ten gram respectively. It had lost Rs 600 in last three sessions.

Sovereign, however, ruled steady at Rs 24,200 per piece of eight gram in scattered deals. In a similar fashion, silver ready rose by Rs 250 to Rs 39,500 per kg and weekly-based delivery by Rs 455 to Rs 39,350 per kg.

The white metal had lost Rs 2,350 in the previous five sessions. On the other hand, silver coins continued to be traded at last level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.

PTI