Gold prices gaining by Rs 60 to Rs 31,160 per ten grams

Snapping a seven-day long losing streak, gold prices rose by Rs 60 to Rs 31,160 per ten grams in the national capital on Wednesday on emergence of low level buying for the wedding season amid a firm global trend.

Silver also recovered by Rs 360 to Rs 48,860 per kg on increased offtake by industrial units.

Marketmen said emergence of low level buying by stockists and retailers for the wedding season amid a firm global trend mainly helped gold prices to rebound.

Gold in London, which normally sets price trend on the domestic front, rose by $ 7 to $ 1,318.90 an ounce and silver by 1.11 per cent to $ 21.95 dollar an ounce.

Some investors seen shifting their funds from weak equity market to rising bullion also influenced the sentiment, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 60 each to Rs 31,160 and Rs 30,960 per ten grams, respectively. It had lost Rs 1,470 in the previous seven sessions. Sovereign remained steady at Rs 25,200 per piece of eight grams.

In line with a general firm trend, silver ready recovered by Rs 360 to Rs 48,860 per kg and weekly-based delivery by Rs 260 to Rs 48,260 per kg. The white metal had lost Rs 500 on Tuesday.

However, silver coins maintained a steady trend at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.