Gold bounced back by Rs 150 Rs 30,800 per ten grams at the bullion market today due to pick-up in buying by local jewellers even as the precious metal weakened overseas. However, silver drifted lower by Rs 150 to Rs 39,050 per kg due to reduced offtake by industrial units and coin makers.
Traders said fresh buying by local jewellers at the domestic spot market was mainly attributed to the recovery, but a weak trend overseas, as the dollar remained strong ahead of the outcome of a Federal Reserve monetary policy meeting later in the day, capped the rise.
Globally, gold fell 0.22 per cent to $1,220.70 an ounce and silver by 0.32 per cent to $15.44 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 150 each to Rs 30,800 and Rs 30,650 per ten grams, respectively. It had lost Rs 130 in the previous two sessions. Sovereign, however, remained flat at Rs 24,600 per piece of eight grams.
On the other hand, silver ready fell by Rs 150 to Rs 39,050 per kg and weekly-based delivery by Rs 60 to Rs 38,180 per kg. Silver coins, however, continued to be enquired at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.