Gold bounces from 10 month low, scattered buying saves the day

NEW DELHI: Gold prices rebounded from a 10-month low by climbing Rs 180 to Rs 27,930 per 10 grams today, taking cues from a firm trend overseas amid scattered buying by local jewellers.

Silver, too, edged up by Rs 50 to Rs 39,650 per kg on uptick in demand from industrial units.

The recovery in gold prices, according to traders, was mostly because of the rising trend overseas and emergence of selective buying by jewellers at the domestic spot market.

Globally, gold rose 0.57 per cent to USD 1,134.60 an ounce and silver by 0.75 per cent to USD 16.07 in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recouped Rs 180 each at Rs 27,930 and Rs 27,780 per 10 grams, respectively.

Sovereign, however, remained flat at Rs 24,000 per piece of eight grams.

Silver ready followed gold as it recovered Rs 50 to Rs 39,650 per kg and weekly-based delivery Rs 10 to Rs 39,695.

On the other hand, silver coins lacked necessary buying support and plunged by Rs 1,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

 

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