Gold rebounds Rs 700 to Rs 1.49 lakh per 10 gm in Delhi

Gold prices rebounded from a two-month low, rising Rs 700 to Rs 1.49 lakh per 10 grams in the National Capital on Wednesday as investors resorted to value buying at lower levels amid a firm global trend.

The yellow metal of 99.9 per cent purity ended a two-session decline, climbing Rs 700 to Rs 1,49,300 per 10 grams, inclusive of all taxes, from Tuesday’s closing level of Rs 1,48,600 per 10 grams, according to local traders.

Silver, however, remained unchanged for the second straight session at Rs 2.32 lakh per kilogram, inclusive of all taxes. Gold prices had recovered on Wednesday as traders indulged in value buying after recent losses, according to Gaurav Garg, Head of Research at brokerage platform Lemonn. However, movements in the US dollar kept a lid on the upside, Garg said.

In global markets, spot gold traded modestly higher at $4,190 per ounce, while silver fell 1.28 per cent to $60.68 per ounce.