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Gold, silver rebound on seasonal demand

New Delhi: Snapping a two-day losing trend, both the precious metals, gold and silver, recovered sharply in the national capital Tuesday on emergence of buying by stockists at existing lower levels for the ongoing marriage season. While gold gained Rs 100 to Rs 28,890 per 10 gm, silver spurted by Rs 575 to Rs 56,175 per kg.

Traders said fresh buying by stockists at existing lower levels to meet the ongoing marriage season demand mainly helped both gold and silver prices to rebound. On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 100 each to Rs 28,890 and Rs 28,750 per 10 gm, respectively. The metal had lost Rs 300 in last two trading sessions. Sovereign remained flat at Rs 23,500 per piece of eight gram.

Similarly, silver ready recovered by Rs 575 to Rs 56,175 per kg and weekly-based delivery by Rs 280 to Rs 55,880 per kg. The white metal had plunged by Rs 1,300 in previous two sessions. Silver coins followed suit and climbed by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

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