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

MUMBAI-INDIA (Sept 25)  Snapping a four-day losing streak, both precious metals gold and silver rebounded in the national capital on Wednesday on emergence of buying at existing lower levels to meet the coming festive season demand amid a better global trend.

While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.

Traders said emergence of buying by stockists at prevailing lower levels to meet the upcoming festive season demand and a better trend in global markets mainly helped in recovery in precious metals.

Gold in New York, which normally sets price trend on the domestic front, traded marginally higher by 0.05 per cent to $1,323 an ounce and silver by 0.37 per cent to USD 21.72 an ounce last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 320 each to Rs 30,545 and Rs 30,345 per ten gram, respectively, while sovereign held steady at Rs 25,000 per piece of eight gram in limited deals.

Silver ready rose by Rs 390 to Rs 49,330 per kg and weekly-based delivery by Rs 690 to Rs 49,480 per kg. Silver coins, however, held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.