Gold Bounces From 10-Month Low On Scattered Buying

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New Delhi: Gold prices rebounded from a 10-month low by climbing Rs. 180 to Rs. 27,930 per 10 grams on Saturday, taking cues from a firm trend overseas amid scattered buying by local jewellers.

Gold had the previous day plunged by Rs. 500 to an over 10-month low of Rs. 27,750 per 10 grams.

Silver, too, edged up by Rs. 50 to Rs. 39,650 per kg on an uptick in demand from industrial units.

The recovery in gold prices, according to traders, was mostly because of the rising trend overseas and emergence of selective buying by jewellers at the domestic spot market.

Globally, gold rose 0.57 per cent to $1,134.60 an ounce and silver by 0.75 per cent to $16.07 in New York on Friday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recouped Rs. 180 each at Rs. 27,930 and Rs. 27,780 per 10 grams, respectively.

Sovereign, however, remained flat at Rs. 24,000 per piece of eight grams.

Silver ready followed gold as it recovered Rs. 50 to Rs. 39,650 per kg and weekly-based delivery Rs. 10 to Rs. 39,695.

On the other hand, silver coins lacked necessary buying support and plunged by Rs. 1,000 to Rs. 70,000 for buying and Rs. 71,000 for selling of 100 pieces.