India: Gold price gains Rs 155 to Rs 25,530 on jewellers buying

New Delhi-India (Dec 19)  After Friday's plunge, gold bounced back to trade Rs 155 higher at Rs 25,530 per 10 grams at the bullion market on Saturday, taking positive cues from overseas markets amid fresh purchases by domestic jewellers.

Silver followed suit and spurted by Rs 550 to Rs 33,800 per kg.

Bullion traders said apart from a firm global trend, emergence of buying by jewellers at the domestic market, mainly led to recovery in the precious metal prices.

Globally, gold rose 1.48 per cent to $1,066.10 an ounce and silver by 2.89 per cent to $14.08 an ounce in New York in Friday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 155 each to Rs 25,530 and Rs 25,380 per 10 grams, respectively. The metal had lost Rs 265 on Friday.

Sovereign also moved up by Rs 100 to Rs 22,200 per piece of eight grams.

Tracking gold, silver ready surged by Rs 550 to Rs 33,800 per kg and weekly-based delivery by Rs 655 to Rs 33,935 per kg.

On the other hand, silver coins remained steady at Rs 47,000 for buying and Rs 48,000 for selling of 100 pieces in limited deals.

Source: BusinessToday