Silver up by Rs 1,200, gold by Rs 70 on fresh buying

NEW DELHI: Both the precious metals, silver and gold, bounced back today on fresh buying by stockists and jewellers at existing lower levels amid a firming global trend.

While silver staged a comeback and recovered sharply by Rs 1,200 to Rs 50,300 per kg on increased offtake by industrial units, gold rose by Rs 70 to Rs 27,410 per 10 grams on fresh buying supported by a firming global trend.

The trading sentiment turned better after gold recovered from its lowest level in six months in global markets as a slump that threatened to tip the metal into a bear market spurred purchases and tempering the effect of a stronger dollar.

In Singapore, gold climbed 0.9 per cent to USD 1,560 an ounce.

In addition, token purchasing by retail customer at prevailing lower levels further fuelled the uptrend in both the precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 70 each to Rs 27,410 and Rs 27,270 per 10 grams, respectively. The metal had lost 540 yesterday.

Sovereigns followed suit and rose by Rs 100 to Rs 23,300 per piece of eight grams.

Similarly, silver ready spurted by Rs 1,200 to Rs 50,300 per kg and weekly-based delivery by Rs 900 to Rs 50,700 per kg. It had lost by Rs 3,100 in yesterday's trade.

Silver coins also surged by Rs 3,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.