Gold, silver rebound on global cues

After four days of losses, gold staged a strong comeback to trade Rs 255 higher at Rs 28,730 per ten gram in the national capital on Tuesday on emergence of buying by stockists and retailers at existing levels amidst a firming global trend.

Silver also moved up by Rs 500 to Rs 45,300 per kg on increased offtake by industrial units and coin makers.

Sentiments turned better on emergence of buying by stockists and retailers at current levels, taking positive cues from global market where the precious metal traded at nearly three-month high, traders said.

Gold in New York, which normally sets price trend on the domestic front, rose by 0.90 per cent to $1,326.90 an ounce and silver by 0.43 per cent to $20.96 an ounce on Monday night.

In Delhi, gold of 99.9 and 99.5 per cent purity shot up by Rs 255 each to Rs 28,730 and Rs 28,530 per ten gram, respectively.

It had lost Rs 235 in the previous four days.

Sovereign, however, remained flat at Rs 24,900 per piece of eight gram on scattered support.

In a similar fashion, silver ready recovered by Rs 500 to Rs 45,300 per kg and weekly-based delivery by Rs 80 to Rs 44,340 per kg.

The white metal had lost Rs 500 in last two sessions.

Meanwhile, silver coins continued be traded steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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