Gold rebounds by Rs 250 on global cues, jewellers' buying

Riding high on firming global cues and pick up in buying by local jewellers, gold made a smart recovery by rising Rs 250 to Rs 29,950 per 10 grams at the bullion market today.

Silver followed suit, moving up by Rs 50 to Rs 43,200 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to a firm trend overseas and increased buying by local jewellers to meet ongoing wedding season demand at domestic spot market.

Globally, gold rose by 0.19 per cent to USD 1,237 an ounce and silver by 0.42 per cent to USD 18.02 an ounce in New York yesterday.

At the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 250 each, to Rs 29,950 and Rs 29,800 per 10 grams, respectively. It had lost Rs 180 yesterday.

Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.

Following gold, silver ready edged up by Rs 50 to Rs 43,200 per kg and weekly-based delivery by Rs 55 to Rs 42,725 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)