Both the precious metals, gold and silver, recovered today on fresh buying by stockists, driven by a firming trend in global markets. While gold rebounded by Rs 260 to Rs 26,920 per 10 grams, silver rose by Rs 500 to Rs 53,500 per kg.
Market analysts said fresh buying by stockists in line with a firming trend in the international markets, mainly led to a recovery move in both gold and silver prices. Gold in global markets, rose by 1.4 % to $1,660.28 an ounce in London. Physical buying of gold ahead of 'Dhanterus' and 'Diwali', also supported the uptrend to some extent.
On the domestic front, gold of 99.9 and 99.5 % purity recovered by Rs 260 each to Rs 26,920 and Rs 26,780 per 10 grams, respectively. The metal had lost Rs 250 in the previous session. Sovereigns followed suit and gained Rs 50 to Rs 21,950 per piece of eight grams. Similarly, silver ready rebounded by Rs 500 to Rs 53,500 per kg and weekly-based delivery by Rs 530 to Rs 52,795 per kg, respectively.
However, silver coins lacked necessary follow up support at existing higher levels and declined by Rs 1,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.