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Rediff.com  » Business » Gold rebounds by Rs 320 on fresh buying

Gold rebounds by Rs 320 on fresh buying

November 20, 2013 18:48 IST

Gold coinsSnapping its two-day losing trend, gold rebounded by Rs 320 to Rs 31,820 per ten grams in New Delhi on Wednesday on fresh buying by stockists at existing lower levels for the ongoing marriage season.

Silver also rose by Rs 450 to Rs 46,450 per kg on increased offtake by industrial units.

Traders said fresh buying by stockists and retailers at existing lower levels for the ongoing marriage season amid weakening rupee against dollar led the recovery.

Some investors seen shifting from weak equity to rising bullion also supported the uptrend, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 320 each to Rs 31,820 and Rs 31,620 per ten grams, respectively.

It had lost Rs 350 in last two sessions.

Sovereign followed suit and rose by Rs 100 to Rs 25,300 per piece of eight gram.

In line with a firm general trend, silver ready rose by Rs 450 to Rs 46,450 per kg and weekly-based delivery by Rs 575 to Rs 45,745 per kg, while its coins held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

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Tags: New Delhi