Silver and gold rebound on low-level buying

NEW DELHI-INDIA (Aug 3)  Snapping its two-day falling trend, both the precious metals — gold and silver prices rebounded in the national capital Saturday on emergence of buying at existing lower levels amid a firm global trend.

After falling Rs. 850 in last two sessions, gold surged by Rs. 450 to Rs. 28,800 per 10 grams. Silver rose by Rs. 1,000 to Rs. 42,100 per kg, reducing two days losses of Rs. 1,160 on emergence of buying by industrial units and coin makers.

Traders said emergence of buying by stockists at existing lower levels amid a firm global trend mainly led an recovery in both the precious metals.

Gold in New York, which normally sets the price trend on the domestic front, rose by $4.60 to $1,313.50 an ounce and silver by 1.32 per cent to $19.89 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity shot up by Rs. 450 each to Rs. 28,800 and Rs. 28,600 per 10 grams, respectively. Sovereigns held steady at Rs. 24,400 per piece of eight grams in limited deals.    In a similar fashion, silver ready staged a comeback by surging Rs. 1,000 to Rs. 42,100 per kg and weekly-based delivery by Rs. 1,050 to Rs. 41,950 per kg. Silver coins jumped up by Rs. 1,000 to Rs. 81,000 for buying and Rs. 82,000 for selling of 100 pieces.