Gold perks up on firm global cues, jewellers buying

Gold bounced back by Rs 150 to trade at Rs 29,800 per 10 grams today, tracking a firm trend overseas along with fresh buying by jewellers at the domestic spot market. Silver too rebounded by Rs 260 to Rs 41,360 per kg due to increased offtake by industrial units and coin makers.

Marketmen said apart from a firm trend overseas, fresh purchases by jewellers at domestic spot market mainly attributed recovery in the precious metals prices.

Globally, gold rose by 1.57 per cent to USD 1,298.10 and silver by 1.87 per cent to USD 17.47 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered Rs 150 each to Rs 29,800 and Rs 29,650 per 10 grams, respectively. It had lost Rs 600 yesterday.

Sovereign, also moved up by Rs 100 to Rs 23,200 per piece of eight grams. Tracking gold, silver ready rebounded by Rs 260 to Rs 41,360 per kg and weekly-based delivery Rs 100 to Rs 41,250.

Silver coins, however, held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.