Gold rebounds on wedding season buying, global cues

Gold prices spurted by Rs 135 to Rs 32,150 per 10 grams at the bullion market Saturday on wedding season demand amid a firm trend overseas.

Silver also traded higher by Rs 250 to Rs 38,150 per kg on the back of increased offtake by industrial units.

Traders said besides increased buying by jewellers in the wedding season, a firm trend in the overseas market, where weakness in the dollar raised the precious metal’s safe-haven appeal, pushed gold prices higher.

Globally, gold edged up by 0.67 per cent to $1,222.10 an ounce and silver gained 0.84 per cent to $14.49 an ounce in New York on Friday.

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In the national capital, gold of 99.9 per cent and 99.5 per cent purity traded higher by Rs 135 each to Rs 32,150 and Rs 32,000 per 10 grams, respectively. The precious metal had tumbled Rs 235 Friday.

Sovereign, however, remained steady at Rs 24,800 per piece of 8 grams.

In line with gold, silver ready rose by Rs 250 to Rs 38,150 per kg and weekly-based delivery jumped Rs 205 to Rs 37,023 per kg.

On the other hand, silver coins remained flat at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.