Gold snaps two-day falling trend, up by Rs 250 on global cues

After two days of losses, gold prices recovered by Rs 250 to Rs 28,350 per 10 grams today on emergence of buying by jewellers and retailers ahead of the festive season amid a firming global trend.

Silver followed suit and rebounded by Rs 400 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.

Marketmen said apart from firming trend overseas, emergence of buying by jewellers and retailers to meet the upcoming festive season demand mainly attributed recovery in precious metal prices.

Gold in New York, which normally sets the price trend on the domestic front, rose by one per cent to $1,305.30 an ounce, a biggest gain since July 17 and silver by 1.1 per cent to $20.63

an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity shot up by Rs 250 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. It had lost Rs 260 in last two days.

Sovereigns followed suit and recovered by Rs 200 to Rs 24,900 per piece of eight grams.

In a similar fashion, silver ready recovered by Rs 400 to Rs 44,800 per kg and weekly-based delivery by Rs 265 to Rs 44,280 per kg.

The white metal had lost Rs 1,000 in the previous two sessions.

Silver coins, however, held steady at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.