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

Last Updated: Fri, Feb 22, 2013 10:25 hrs

Snapping a three-day losing streak, both the precious metals - gold and silver - rebounded here on Friday on renewed buying at existing low levels amid a firm global trend.

While gold gained Rs 280 to Rs 30,000 per 10 grams, silver rose by 450 to Rs 55,000 per kg on increased offtake by jewellery makers and industrial units.

The trading sentiment improved as retail customers bought at existing lower levels after previous day's steep fall, traders said.

Firm global trend also supported the recovery move in gold and silver prices, they added.

In Singapore, gold advanced 0.7 per cent to USD 1,587.35 an ounce and silver by 0.8 per cent to USD 28.89 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 280 each to Rs 30,000 and Rs 29,800 per 10 grams, respectively. The metal had lost Rs 695 in last three trading sessions. Sovereigns gained Rs 50 to Rs 25,200 per piece of eight grams.

In line with a general firm trend, silver ready recovered by Rs 450 to Rs 55000 per kg and weekly-based delivery by Rs 700 to Rs 54,000 per kg. The white metal had lost Rs 2,300 in the precious three sessions.

Silver coins also spurted by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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