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Gold prices rise by Rs 275, silver prices up Rs 1,500

While gold surged by Rs 275 to Rs 27,015 per 10 grams, silver gained Rs 1,500 to Rs 55,000 per kg.

twitter-logoPTI | September 27, 2011 | Updated 15:38 IST

Both gold and silver rebounded in the bullion market in the national capital on Tuesday on emergence of buying at prevailing lower levels by stockists and jewellery makers, supported by a rebound in global markets.

While gold surged by Rs 275 to Rs 27,015 per 10 grams, silver gained Rs 1,500 to Rs 55,000 per kg.

The trading sentiment turned better after gold rallied in Singapore, as the biggest three-day drop since the failure of Lehman Brothers Holdings Inc in 2008 encouraged purchases by investors seeking a store of value amid market turmoil.

In Singapore, gold gained for the first time in five days and climbed 1.9 per cent to $1,657.63 an ounce. The metal lost 8.8 per cent in the past three days.

Silver also gained 3.4 per cent to $31.79 an ounce after tumbling 22.5 per cent in the past three days to a 10-month low of 26.07 on Monday.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 275 each to Rs 27,015 and Rs 26,875 per 10 grams, respectively.

Sovereigns continued to be asked around previous level of Rs 21,200 per piece of eight grams.

Similarly, silver ready recovered sharply by Rs 1,500 to Rs 55,000 per kg and weekly-based delivery by Rs 3,245 to Rs 54,045 per kg.

Silver coins followed suit and spurted by Rs 5,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

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