Gold, silver rebound on global cues, jewellers buying

New Delhi :Snapping its four-day losing streak, gold rebounded by surging Rs 190 to Rs 25,170 per 10 grams at the bullion market today, taking positive cues from overseas markets amid fresh buying by jewellers.

Silver also recovered by Rs 330 to Rs 34,130 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides better trend in global markets, fresh buying by jewellers and retailers at prevailing levels mainly supported the uptrend.

Gold in London, which normally sets price trend on the domestic front, rose 0.23 per cent to USD 1,092.00 an ounce and silver 0.82 per cent to USD 14.77 an ounce in early trade.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered sharply by Rs 190 each to Rs 25,170 and Rs 25,020 per ten grams, respectively. It had touched over four-year low yesterday.

The precious metal had lost Rs 320 in last four days.

Sovereign also went up by Rs 100 to Rs 22,200 per piece of eight grams.

Following gold, silver ready moved up by Rs 330 to Rs 34,130 per kg and weekly-based delivery by Rs 70 to Rs 33,635 per kg.

On the other hand, silver coins held steady at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.