Gold rebounds on wedding season buying, global cues

Gold regained its glitter to trade Rs 150 higher at Rs 30,100 per 10 grams in the national capital today on increased buying by stockists and retailers to meet the wedding season demand amid a firm global trend.

Silver maintained its rising streak for the fourth consecutive day and advanced Rs 100 to Rs 42,400 per kg on sustained buying by industrial units.

Traders said pick-up in buying activity by stockists and retailers, driven by wedding season demand amid a firm global trend, helped gold prices to trade above the Rs 30,000 per 10 grams level.

Gold in New York, which normally sets price trend on the domestic front, rose 0.85 per cent to USD 1,305.70 an ounce and silver by 1.10 per cent to USD 19.75

an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 150 each to Rs 30,100 and Rs 29,900 per 10 grams, respectively. It had lost Rs 350 on Wednesday.

Sovereign, however, remained steady at Rs 25,000 per piece of eight grams.

Silver ready remained firm and gathered another Rs 100 to Rs 42,400 per kg while weekly-based delivery traded higher by Rs 310 to Rs 42,200 per kg.

The white metal had gained Rs 600 in the previous three sessions.

On the other hand, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.