Gold, silver rebound on marriage season demand, global cues

Gold prices recovered by Rs 95 to Rs 27,285 per 10 grams at the bullion market on Thursday on emergence of buying by jewellers to meet wedding season demand amid a firm global trend.

Silver followed suit and rebounded by Rs 200 to Rs 37,400 per kg on increased offtake by industrial units and coin makers.

Bullion traders said apart from fresh buying by jewellers, a firming global trend mainly supported the upside in the precious metals.

Globally, gold in Singapore rose 0.4 per cent to USD 1,217.78 an ounce after minutes from the Federal Reserve’s January meeting signalled many officials were inclined to keep interest rates near record lows for longer.

Silver also rose 0.8 per cent to USD 16.63 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 95 each to Rs 27,285 and Rs 27,085 per 10 grams, respectively.

It had recorded this year’s biggest fall of Rs 510 on Wednesday.

Sovereign, however, held steady at Rs 23,700 per piece of eight grams in restricted buying.

In a similar fashion, silver ready moved up by Rs 200 to Rs 37,400 per kg and weekly-based delivery by Rs 225 to Rs 36,825 per kg.

On the other hand, silver coins traded at last level of Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

Meanwhile, the Reserve Bank on Wednesday lifted the ban on imports of gold coins and medallions by banks and trading houses.