Both the precious metals, gold and silver, rebounded today on buying by stockists and jewellers for the ongoing marriage season demand amid firming global trend.
While gold rose by Rs 160 to Rs 28,390 per 10 grams, silver shot up by Rs 600 to Rs 56,600 per kg on increased offtake from jewellers and industrial units. The trading sentiment bolstered as gold advance in global markets after European leaders reached an agreement on a second Greek bailout, weakening the dollar and boosting demand for commodities as alternative investments.
In Singapore, gold climbed 0.4% to $1,742.18 an ounce, the highest price since February 9. In additions, some buying by stockists and retail customers for the ongoing marriage season also supported the uptrend in precious metals.
On the domestic front, gold of 99.9 and 99.5% purity rebounded by Rs 160 each to Rs 28,390 and Rs 28,250 per 10 grams, respectively. The metal had lost Rs 70 in the previous session. However, sovereigns remained stable at Rs 23,400 per piece of eight grams in limited deals.
In a similar fashion, silver ready recovered sharply by Rs 600 to Rs 56,600 per kg and weekly-based delivery by Rs 560 to Rs 56,590 per kg. It had declined by Rs 200 in the last trading session. Silver coins jumped up by Rs 1,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.