Gold rebounds on low-level buying, global cues

Snapping its three-day long falling streak, gold recovered from over six-week low rising by Rs 80 to close at Rs 27,030 per ten gram in the national capital today on emergence of buying by jewellers at lower levels amid positive global trend.

Silver also rose by Rs 150 to Rs 37,500 per kg on increased offtake by industrial units.

Traders said revival of buying by jewellers and retailers at prevailing lower levels and a slightly better trend in global markets as dollar stabilised, mainly attributed recovery in gold prices.

Gold in Singapore, which normally determines price trend on the domestic front, rose marginally by 0.1% to US $1,173.24 an ounce and silver by 0.1% to US $16.11 an ounce.

In Delhi, gold of 99.9 and 99.5% purity rose by Rs 80 each to Rs 27,030 and Rs 26,880 per ten gram respectively. The yellow metal has lost Rs 390 in last three days.

Sovereign, however, continued to be traded at Rs 23,600 per piece of eight gram in scattered deals.

Silver ready prices were up by Rs 150 to Rs 37,500 per kg and weekly-based delivery by Rs 115 to Rs 37,125 per kg.

On the other hand, silver coins were well maintained at Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces in restricted buying activity.