Gold got back some of its momentum after prices rose Rs 150 to Rs 31,200 per 10 grams at the bullion market today on fresh buying by jewellers to meet festive season demand amid firm global cues.
Silver also halted its four-day losing streak and recovered by Rs 200 to Rs 45,400 per kg due to increased offtake by industrial units and coin makers.
Traders attributed the recovery in the precious metals to fresh purchases by jewellers to meet pick-up in demand at the domestic spot market and a slightly better trend globally.
At the global level, gold traded higher by 0.07 per cent at USD 1,339.50 an ounce and silver by 0.66 per cent at USD 19 an ounce in London in early trade today.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 150 each to Rs 31,200 and Rs 31,050 per 10 grams, respectively. The metal had lost Rs 200 yesterday.
Tracking gold, sovereign too traded higher by Rs 100 to Rs 24,300 per piece of eight grams.
Silver ready also went up by Rs 200 to Rs 45,400 per kg and weekly-based delivery by Rs 295 to Rs 44,780 per kg.
Silver coins spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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