Gold rebounds on seasonal demand, global cues
Gold prices increased by Rs 120 to Rs 27,120 per 10 gram
New Delhi: Snapping its two-day falling streak, gold prices increased by Rs 120 to Rs 27,120 per 10 gm at the bullion market on February 28 largely on increased buying by jewellers and retailers to meet ongoing wedding season demand.
Silver, however, remained steady at Rs 37,200 per kg on scattered enquiries from industrial units and coin makers. Traders said fresh buying by jewellers and retailers, driven by ongoing wedding season and a firming global trend, mainly attributed recovery in gold prices.
Gold in New York, which normally set price trend on the domestic front, rose 0.2 per cent to USD 1,213.10 an ounce in yesterday's trade. In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 120 each to Rs 27,120 and Rs 26,920 per ten gram respectively. It had lost Rs 70 in last two trade.
Sovereign gold also moved up by Rs 50 to Rs 23,700 per piece of eight gram. On the other hand, silver ready remained flat at Rs 37,200 per kg but weekly-based shed Rs 40 to Rs 36,555 per kg on lack of speculative support. Silver coins, however, continued to trade in a tight range in limited deals and settled around previous level of Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.