Gold rebounds on seasonal domestic demand, global cues
New Delhi-India (Nov 22) After two days of losses, gold regained its glitter to trade Rs50 higher at Rs26,800 per ten grammes at the bullion market in the national capital on Saturday.
This was due to emergence of buying by jewellers and retailers, supported by ongoing wedding season demand amid a firm global trend.
Silver also advanced by 50 to Rs36,550 per kg on increased offtake by industrial units and coin makers.
Traders said besides emergence of buying by jewellers and retailers to meet wedding season demand, a firming trend overseas after China cut benchmark interest rates to support economic growth, boosting demand for precious metals as a store of value, influenced the sentiment.