Gold snaps three-day losing streak; up Rs 280

Snapping its three-day losing streak, gold prices recovered sharply Rs 280 to Rs 26,830 per 10 grams in the national capital on Tuesday on fresh buying by stockists and investors at prevailing lower levels amid a firm global trend.

Silver also rebounded by Rs 610 to Rs 40,750 per kg on increased offtake by industrial units and coin makers.

…

Buying activity in gold picked up as it gained the most in a week in overseas markets after data showed China’s inflation accelerated more than estimated in June, boosting demand for the precious metal as a hedge, traders said.

Gold in Singapore, which normally sets the price trend on the domestic front, climbed 1.9 per cent, to $1,260.70 an ounce, the most on an intraday basis since July 1. Silver also jumped 1.4 per cent to $19.38 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered sharply by Rs 280 each to Rs 26,830 and Rs 26,630 per 10 grams, respectively.

…

The yellow metal had lost Rs 280 in the previous three sessions. Sovereigns followed suit and rose by Rs 100 to Rs 24,100 per piece of eight grams.

In line with a general firm trend, silver ready rebounded by Rs 610 to Rs 40,750 per kg and weekly-based delivery by Rs 490 to Rs 40,600 per kg, respectively. The white metal had lost Rs 1,260 in last three sessions.

Silver coins spurted by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.