Gold up Rs 200, silver gains Rs 150 on global cues

Both gold and silver made gains in the bullion market on Wednesday on emergence of buying at lower levels amid a firm global trend.

While gold recovered Rs 200 to Rs 28,500 per 10 grams, silver gained Rs 150 to Rs 64,350 per kg. The metal had lost Rs 310 on Tuesday.

Trading sentiment improved as gold gained in the overseas markets to trade above $1,800 an ounce in Asia amid concerns that the global economy may falter, stoking demand for safe investments .

Gold rose 0.7 per cent to $1,816.70 an ounce in Singapore, while silver gained 1.1 per cent to $40.20 an ounce.

Back home, gold of 99.9 and 99.5 per cent purity recovered Rs 200 each to Rs 28,500 and Rs 28,350 per 10 grams, respectively.

Sovereigns followed suit and rose Rs 50 to Rs 22,750 per piece of eight grams.

Similarly, silver ready rose Rs 150 to Rs 64,350 per kg. It had shed Rs 800 in the previous session. Silver weekly- based delivery moved up Rs 455 to Rs 64,555 per kg.

Silver coins remained steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.