Gold, silver rise on fresh buying, firm global cues

Both the precious metals, gold and silver, today rose on the back of fresh buying by stockists and jewellery fabricators amid a firm global trend.
While gold recovered by Rs 110 to Rs 28,300 per ten grams after a loss of Rs 360 yesterday, silver advanced by Rs 600 to Rs 44,600 per kg from a loss of Rs 700 in the previous session on emergence of buying by jewellers and industrial units.
Traders said sentiment turned better after gold rose in overseas markets as a report showed wholesale prices in the US rose in May for the first in three months, increasing demand for the precious metals as a hedge against inflation.

Gold in New York, which normally sets the price trend on the domestic front, rose by 0.7 per cent to USD 1,387.60 an ounce and silver by 1.7 per cent to USD 21.95 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 110 each to Rs 28,300 and Rs 28,100 per 10 grams, respectively. Sovereigns held steady at Rs 24,300 per piece of eight grams.
Similarly, silver ready recovered by Rs 600 to Rs 44,600 per kg and weekly-based delivery by Rs 555 to Rs 43,840 per kg. However, silver coins remained unchanged at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.