Gold rebounds by Rs 200 on Navaratri demand

New Delhi: Gold prices recovered by Rs 200 to Rs 29,550 per 10 grams at the bullion market today on increased buying by local jewellers on account of 'Navaratras', even as the metal weakened overseas. Silver also advanced by Rs 50 to Rs 42,250 per kg on increased offtake by industrial units and coin makers.

Traders said sentiments got a leg up after local jewellers indulged in buying more quantities to meet ongoing auspicious Navratras demand, but a weak trend overseas as gains in US equities and the dollar dimmed some of the metal's safe haven investment appeal, capped the gains.

Globally, gold fell 0.10 per cent to USD 1,250 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity were higher by Rs 200 each to Rs 29,550 and Rs 29,400 per 10 grams, respectively. It had shed Rs 80 yesterday.

Sovereign also went up by Rs 100 to Rs 24,500 per piece of eight grams. In line with overall trend, silver ready rose further by Rs 50 to Rs 42,250 per kg and weekly-based delivery by Rs 80 to Rs 42,150 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.