Gold snaps 3-day falling trend, up by Rs 160 on global cues

New Delhi, Aug 8. Snapping its three-day falling trend, gold prices recovered by Rs 160 to Rs 28,500 per ten grams in the national capital today on fresh buying by stockists at existing lower levels amid a firm global trend. Silver also rebounded by Rs 360 to Rs 41,770 per kg on increased offtake by industrial units and coin makers. Sentiment turned better after gold advanced in overseas markets before the US jobless claims report, traders said. Gold in Singapore, which normally set price trend on the domestic front, rose by 0.8 per cent to 1,297.69 dollar an ounce and silver by 0.8 per cent to 19.75 dollar an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 160 each to Rs 28,500 and Rs 28,300 per ten grams respectively. The yellow metal had lost Rs 460 in the previous three sessions. Sovereign continued to be asked around previous level of Rs 24,400 per piece of eight gram. In line with a general firm trend, silver ready rebounded by Rs 360 to Rs 41,770 per kg and weekly-based delivery by Rs 340 to Rs 41,620 per kg respectively. The white metal had shed Rs 695 yesterday. Meanwhile, silver coins held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.