Gold perks up on global cues, jewellers' buying

Reversing its two-day falling streak, gold rebounded by Rs 130 to Rs 29,160 per 10 grams today, triggered by a firm trend overseas amid fresh buying by jewellers at the domestic spot market.

Silver followed suit and recovered by Rs 350 to Rs 39,500 per kg on increased offtake by industrial units and coin makers.

Marketmen said besides a firm trend overseas, fresh buying by jewellers at domestic spot market mainly led to the recovery in prices of precious metals. Globally, gold rose by 0.73 per cent to USD 1,252.30 an ounce and silver by 1.71 per cent to USD 16.62 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 130 each to Rs 29,160 and Rs 29,010 per 10 grams, respectively. It had lost Rs 195 in the last two days.

Sovereign, however, remained steady at Rs 22,900 per piece of eight grams in limited deals. In similar fashion, silver ready recovered by Rs 350 to Rs 39,500 per kg and weekly-based delivery by Rs 300 to Rs 39,340 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.