After falling for two days, gold prices rebounded by Rs 190 to Rs 26,250 per ten grams at the bullion market today, tracking a firm trend overseas and emergence of buying by jewellers at prevailing levels.
Silver followed suit and recovered by Rs 625 to Rs 34,025 per kg on increased offtake by industrial units and coin makers.
Traders said firming global trend where gold advanced as equity-market losses and sinking commodity prices spurred demand for safe-haven assets and rising speculation that the Federal Reserve may slow the pace of increases in US interest rates, influenced the precious metal prices.
Globally, gold rose 0.2 per cent to USD 1,095.39 an ounce in Singapore.
Besides, emergence of jewellers and retailers buying and depreciating rupee against the dollar that made imports costlier supported the upside in the precious metal prices, they said.
In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 190 each to Rs 26,250 and Rs 26,100 per ten grams respectively. It had lost Rs 390 in last two days.
Sovereign, however, continued to be traded at previous level of Rs 22,300 per piece of eight grams.
Following gold, silver ready recovered sharply by Rs 625 to Rs 34,025 per kg and weekly-based delivery by Rs 685 to Rs 34,100 per kg.
On the other hand, silver coins were unaltered at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.
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