Gold glitters on global cues; silver rebounds
Gold prices shot up by Rs 95 to Rs 28,665 per 10 grams at the bullion market today on firm overseas cues and scattered buying by jewellers at the domestic spot market.
Silver also staged a recovery, climbing Rs 205 to Rs 38,405 per kg on emergence of buying by industrial units and coin makers.
Traders said besides a firm trend globally, where gold recovered from an eight-week low as weakness in the dollar raised appeal for the precious metals, buying by jewellers at the domestic market boost gold prices.
Globally, gold rose 0.07 per cent to USD 1,221.90 an ounce in Singapore. Silver too gained 0.03 per cent to USD 16.16 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity spurted by Rs 95 each to Rs 28,665 and Rs 28,515 per 10 grams, respectively. The precious metal had gained Rs 20 in yesterday's trade.
Sovereign, however, remained flat at Rs 24,300 per piece of eight grams in limited deals.
Following gold, silver ready surged by Rs 205 to Rs 38,405 per kg while weekly-based delivery shed Rs 115 to Rs 37,905 per kg due to speculative selling.
On the other hand, silver coins continued to trade at the previous level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.