Jewellers’ buying props up gold; silver rebounds

New Delhi, Aug 23 (PTI) Gold got back some of its momentumafter prices rose Rs 150 to Rs 31,200 per 10 grams at thebullion market today on fresh buying by jewellers to meetfestive season demand amid firm global cues. Silver also halted its four-day losing streak andrecovered by Rs 200 to Rs 45,400 per kg due to increasedofftake by industrial units and coin makers. Traders attributed the recovery in the precious metals tofresh purchases by jewellers to meet pick-up in demand at thedomestic spot market and a slightly better trend globally. At the global level, gold traded higher by 0.07 per centat USD 1,339.50 an ounce and silver by 0.66 per cent at USD 19an ounce in London in early trade today. In the national capital, gold of 99.9 per cent and 99.5per cent purity rebounded by Rs 150 each to Rs 31,200 and Rs31,050 per 10 grams, respectively. The metal had lost Rs 200yesterday. Tracking gold, sovereign too traded higher by Rs 100 toRs 24,300 per piece of eight grams. Silver ready also went up by Rs 200 to Rs 45,400 per kgand weekly-based delivery by Rs 295 to Rs 44,780 per kg. Silver coins spurted by Rs 1,000 to Rs 75,000 for buyingand Rs 76,000 for selling of 100 pieces. PTI SUN KPSARD