Gold glitters, silver recovers on global cues

Gold regained its sheen to trade Rs 195 higher at Rs 27,125 per 10 gram at the bullion market on Thursday, taking positive cues from overseas market and fresh buying by jewellers.

Silver also recovered by Rs 250 to Rs 37,300 per kg on increased offtake by industrial units and coin makers.      

The rebound in gold prices was mostly in tune with a firming trend in global market as dollar fell, adding to the appeal of the precious metal after the Fed signalled that the pace of policy tightening will be gradual.

Besides, fresh buying by domestic jewellers influenced gold prices, they said.

Gold in Singapore, which normally sets price trend on the domestic front, climbed 0.2 per cent to $1,188.04 an ounce and silver by 0.5 per cent to USD 16.21 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity shot up by Rs 195 each to Rs 27,125 and Rs 26,975 per 10 grams respectively.

It had lost Rs 250 in the last two days.

Sovereign, however, continued to be asked at previous level of Rs 23,300 per piece of eight gram in limited deals.      

Tracking gold, silver ready rose by Rs 250 to Rs 37,300 per kg and weekly-based by Rs 330 to Rs 37,000 per kg.     

On the other hand, silver coins were well maintained at last level of Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.