Gold, silver bounce back on low-level buying, global cues

Snapping a two day losing trend, both the precious metals, gold and silver, today bounced back on buying by retailers at existing low levels for the ongoing wedding season amid a firm global trend.

While gold rebounded by Rs 175 to Rs 32,175 per 10 grams, silver gained Rs 100 to Rs 61,100 per kg.

Traders said emergence of buying at existing lower levels to meet the wedding season demand amid a firm global trend, mainly pushed up the precious metals prices.

They said the gold in overseas markets rose following an escalating conflict in the Middle East spurred demand for a investment haven.

On the global front, gold gained marginally from its oversold positions amid caution ahead of highly anticipated US budget talks and uncertainty surrounding the fiscal cliff.

Gold in New York, which normally sets the price trend on the domestic front, rose by 0.1 per cent to $1,714.70 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity staged a sharp recovery of Rs 175 each at Rs 32,175 and Rs 31,975 per 10 grams, respectively. The metal had lost Rs 485 in last two sessions.

Sovereigns remained steady at Rs 25,500 per piece of eight grams.

Silver ready also recovered by Rs 100 to Rs 61,100 per kg while weekly-based delivery shed Rs 55 to Rs 60,900 per kg.

The metal had lost Rs 1,100 in last two days.

Silver coins shot up by Rs 1000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

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