After a two-day slide, gold prices rebounded Rs140 to Rs26,750 per 10 grams at the bullion market today, tracking a firm trend overseas and fresh bouts of buying by jewellery stockists to meet wedding season demand.
Silver followed suit and edged higher by Rs190 to Rs34,500 per kg on increased offtake by industrial units and coin makers.
Bullion traders said the firming global trend in anticipation of better prospects of the metal as a safe haven and the continued rally in Asian equities boosted sentiment.
Globally, the yellow metal climbed 0.3 per cent to $1,101.04 an ounce and silver added 0.5 per cent to $14.09 an ounce in Singapore.
Besides, emergence of buying by jewellery stockists and retailers to meet ongoing wedding season demand supported the the uptrend in the precious metal prices, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs140 each to Rs26,750 and Rs26,600 per 10 grams, respectively. The precious metal had lost Rs 290 in the past two days.
Sovereign, however, continued to be traded at previous level of Rs22,400 per piece of eight grams in scattered deals. Tracking gold, silver ready went up Rs90 to Rs34,500 per kg and weekly-based delivery Rs120 to Rs34,345. On the other hand, silver coins remained unaltered at Rs49,000 for buy and Rs50,000 for sale of 100 pieces.