A divergent developed on the bullion market today as gold rebounded by Rs 140 to Rs 21,960 per 10 grams on emergence of buying on firming global trend, while silver remained weak and lost Rs 150 to Rs 51,350 per kg due to lack of support.
Trading sentiments in gold turned better after the metal rose by $7.22 to $1,495 an ounce in London, as some investors bought the metal after it dropped to a six-week low, and a weaker dollar spurred the demand for the metal as an alternative asset.
However, silver remained weak for the third-day by losing as traders adopted wait and watch policy on expectations of more fall in its prices.
On the domestic front, gold of 99.9% and 99.5% purity rebounded by Rs 140 each to Rs 21,960 and Rs 21,840 per 10 grams, respectively. The metal had lost Rs 620 during the last three sessions.
Sovereigns remained flat at Rs 18,650 per piece of eight grams.
Silver ready remained under selling pressure and fell further by Rs 150 to Rs 51,350 per kg and weekly-based delivery by Rs 180 to Rs 51,320 per kg.
The metal lost Rs 1,200 in last two sessions.
However, silver coins held steady at Rs 56,000 for buying and Rs 57,000 for selling of 100 pieces in thin trade.
