Gold price rebounds from over 6-week low on low-level buying, global cues

New Delhi-India (Jun 8)  Snapping its three-day long falling streak, gold recovered from over six-week low rising by Rs.80 to close at Rs.27,030 per 10 grams in the national capital on Monday on emergence of buying by jewellers at lower levels amid positive global trend.

Silver also rose by Rs.150 to Rs.37,500 per kg on increased offtake by industrial units. Traders said revival of buying by jewellers and retailers at prevailing lower levels and a slightly better trend in global markets as dollar stabilized, mainly attributed recovery in gold prices. Gold in Singapore, which normally determines price trend on the domestic front, rose marginally by 0.1% to $1,173.24 an ounce and silver by 0.1% to $16.11 an ounce.

In Delhi, gold of 99.9% and 99.5% purity rose by Rs.80 each to Rs.27,030 and Rs.26,880 per 10 gram, respectively. The yellow metal has lost Rs.390 in last three days. Sovereign, however, continued to be traded at Rs.23,600 per piece of eight gram in scattered deals. Silver ready prices were up by Rs.150 to Rs.37,500 per kg and weekly-based delivery by Rs.115 to Rs.37,125 per kg. On the other hand, silver coins were well maintained at Rs.54,000 for buying and Rs.55,000 for selling of 100 pieces in restricted buying activity.

Source: liveMint