Gold, silver rebound on low-level buying, firm global cues

New Delhi, Aug 3. Snapping its two-day falling trend, both the precious metals - gold and silver prices rebounded in the national capital today on emergence of buying at existing lower levels amid a firm global trend. After falling Rs 850 in last two sessions, gold surged by Rs 450 to Rs 28,800 per 10 grams. Silver rose by Rs 1,000 to Rs 42,100 per kg, reducing two days losses of Rs 1,160 on emergence of buying by industrial units and coin makers. Traders said emergence of buying by stockists at existing lower levels amid a firm global trend mainly led an recovery in both the precious metals. Gold in New York, which normally sets the price trend on the domestic front, rose by USD 4.60 to USD 1,313.50 an ounce and silver by 1.32 per cent to USD 19.89 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity shot up by Rs 450 each to Rs 28,800 and Rs 28,600 per 10 grams, respectively. Sovereigns held steady at Rs 24,400 per piece of eight grams in limited deals. In a similar fashion, silver ready staged a comeback by surging Rs 1,000 to Rs 42,100 per kg and weekly-based delivery by Rs 1,050 to Rs 41,950 per kg. Silver coins jumped up by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.