Gold, silver rebound

Both the precious metals, gold and silver, recovered on Saturday on buying by stockists and retailers at existing lower levels amid a firm global trend.

While gold climbed by Rs 160 to Rs 31,030 per 10 gm, silver rose Rs 1,050 to Rs 58,800 per kg. Silver coins also spurted by Rs 3,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

The sentiment turned better after gold in global markets gained as an impasse in US budget talks boosted demand for the metal as an investment haven.

Gold in New York, which normally sets the price trend on the domestic front, advanced 0.9 per cent to $1,660.10 an ounce and silver by 1.8 per cent to $30.20 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 160 each to Rs 31,030 and Rs 30,830 per 10 gm, respectively. Sovereigns followed suit and rose by Rs 50 to Rs 25,450 per piece of 8 gm.

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