Gold rebounds by ₹120 on jewellers’ buying

Gold prices rose ₹120 to ₹34,650 per 10 grams at the bullion market on Wednesday following prolonged buying by local jewelers and retailers, according to All India Sarafa Association.

Silver followed suit and recovered by ₹70 to ₹41,475 per kg due to improved offtake from industrial users and coin makers.

However, global cues were weak, capping the gains in both the valuable metals.

Traders associated the rise in gold prices to pick up in buying by local jewelers at spot markets to meet ongoing wedding season demand.

Besides, weakness in the rupee which depreciated 42 paise to 71.49 against the dollar (intra-day) at the forex market, making imports costlier, too supported the upside in gold prices, they added.

Globally, spot gold fell 0.12% to $1,327.80 an ounce and silver spot by 0.22% to $15.94 an ounce in New York on Wednesday.

In the national capital, gold of 99.9% purity rebounded by ₹120 to ₹34,650 and gold of 99.5 purity increased by ₹80 to ₹34,480 per 10 grams.

Sovereign gold, however, remained flat at ₹26,600 per piece of 8 grams on little doing.

Tracking gold, silver ready moved up by ₹70 to ₹41,475 per kg and weekly-based delivery rose by ₹54 to ₹40,130 per kg.

Silver coins, however, continued to be traded at the previous level of ₹83,000 for buying and ₹84,000 for selling of 100 pieces.

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