Gold, silver bounce back on low-level buying, global cues

New Delhi, May 3. Snapping a three-day losing streak, both the precious metals, gold and silver, recovered sharply in the national capital today on low-level buying by stockists for the ongoing marriage season amid firm global cues. While gold jumped by Rs 255 to Rs 27,870 per 10 grams, silver rose by Rs 910 to Rs 46,000 per kg on increased offtake by jewellers and industrial units. The sentiment turned better as stockists and retailers indulged in low level buying for the ongoing marriage season, traders said. Firm global trend as optimism that global stimulus will be sustained countered a reduction in bullion-backed exchange- traded products, also supported the recovery, they said. Gold in London, which normally sets the price trend on the domestic front, rose by 0.7 per cent to USD 1,477.60 an ounce silver by 1.1 per cent to USD 24.10 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered sharply by Rs 255 each to Rs 27,870 and Rs 27,670 per 10 grams, respectively. The yellow metal had lost Rs 585 in last threee session. Sovereigns followed suit and rose by Rs 100 to Rs 24,100 per piece of eight grams. Similarly, silver ready rebounded by Rs 910 to Rs 46,000 per kg and weekly-based delivery by Rs 975 to Rs 45,000 per kg. The white metal had lost Rs 1,910 in the previous three sessions. Silver coins also spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.