Gold, silver bounce back on firm global cues

Last Updated: Tue, Feb 26, 2013 10:30 hrs

New delhi: Gold and silver bounced back in the national capital on Tuesday on brisk buying by stockists, driven by a firming global trend.

While gold rebounded by Rs 280 to Rs 30,180 per ten grams, silver surged by Rs 1,700 to Rs 55,450 per kg.

Traders said brisk buying by stockists in tandem with a firming global trend mainly influenced the sentiment.

Gold in global markets advanced 0.3 per cent to USD 1,598.55 an ounce while silver was up by 0.2 per cent to USD 29.07 an ounce in Singapore.

In addition, shifting of funds from weakening equity to rising bullion also supported the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 280 each to Rs 30,180 and Rs 29,980 per ten grams, respectively. It had lost Rs 160 yesterday. Sovereign remained steady at Rs 25,300 per piece of eight gram in limited deals.

In line with a general firm trend, silver ready staged a strong come back and spurted by Rs 1,700 to Rs 55,450 per kg, after losing Rs 1,450 in the previous session.

However, silver weekly-based delivery plunged by Rs 1,350 to Rs 53,850 per kg on lack of speculators support.

On the other hand, silver coins zoomed up by Rs 3,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

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