Gold prices rebounded by Rs 105 to Rs 29,105 per ten gram at the bullion market today, in line with a firming trend overseas and fresh buying by jewellers at the domestic spot market. Silver however ruled flat at Rs 38,700 per kg. Analysts attributed recovery in gold prices to a firming trend in global markets where it advanced as investors bought the safe-haven asset. Besides, buying by jewellers at the domestic spot market influenced the price.
Gold was trading higher at USD 1,246 an ounce in Singapore, a key price-setting Asian market. In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 105 each to Rs 29,105 and Rs 28,955 per 10 grams, respectively. The metal had lost Rs 170 in the previous two days.
Sovereign, however, remained unaltered Rs 24,400 per piece of eight grams. Silver ready, in restricted activity, also closed steady at Rs 38,700 per while weekly-based delivery fell by Rs 270 to Rs 38,130 per kg. Silver coins continued to trade at previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.