Gold rebounds on positive global leads, jeweller-buying

Gold prices recovered by Rs 170 to Rs 30,420 per 10 grams at the bullion market today on the back of firm global trend amid fresh buying by local jewellers.

Silver followed suit and edged higher by Rs 100 to Rs 38,100 per kg due to increased off take from industrial units and coin makers.

Traders said sentiment turned better on firm trend overseas as hopes of easing trade tensions between the US and China exerted pressure on the dollar, adding to demand for the yellow metal that improved last week after prices touched 19-month low.

Globally, gold rose 0.24 per cent to USD 1,187.40 an ounce and silver inched 0.10 per cent higher to USD 14.78 an ounce in Singapore.

Furthermore, pick-up in buying by local jewellers to meet ongoing festive season demand also supported the upmove, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 170 each to Rs 30,420 and Rs 30,270 per ten grams, respectively. It had shed Rs 90 in Saturday's trade.

Sovereign gold, however, remained flat at Rs 24,400 per piece of eight grams.

Following gold, silver ready also hardened by Rs 100 to Rs 38,100 per kg and weekly-based delivery by Rs 20 to Rs 36,960 per kg.

Silver coins, however, continued trade at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.