Gold up Rs 120 on low level buying, firm global cues

New Delhi, Jun 27. Snapping a three-day falling trend, gold prices today recovered by Rs 120 to Rs 26,800 per 10 grams in the national capital on buying at existing lower levels amid a rebound in global markets. However, silver held steady at Rs 40,500 per kg in restricted buying from industrial units. Traders said emergence of buying by stockists and retailers at prevailing lower levels mainly led a recovery move in gold. They said a firming global trend where precious metals rose for the first time in four days as investors weighed the Federal Reserve's stimulus plans also supported the uptrend. Gold in Singapore, which normally sets the price trend on the domestic front, rose by 1.5 per cent to USD 1,244.85 an ounce and silver by 1.8 per cent to USD 18.84 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity rebounded by Rs 120 each to Rs 26,800 and Rs 26,600 per 10 grams, respectively, after losing Rs 960 in last three days. Sovereigns held steady at Rs 24,000 per piece of eight grams. On the other hand, silver ready ruled flat at Rs 40,500 per kg while weekly-based delivery shed Rs 20 to Rs 39,570 per kg on lack of buying support from speculators. Meanwhile, silver coins spurted by Rs 1000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.