Gold, silver bounce back on jewellers' buying

Mumbai: Snapping a two-day losing streak, gold prices firmed up by Rs 150 per 10 grams at the bullion market today, on fresh buying by jewellers to meet the wedding season demand.

Silver followed suit and reclaimed the Rs 43,000-mark by rising Rs 750 per kg on increased offtake by industrial units and coin makers.

Standard gold (99.5 per cent purity) rose by Rs 150 to end at Rs 29,195 per 10 grams from last Friday's closing level of Rs 29,045.

Pure gold (99.9 per cent purity) also jumped by a similar margin to close at Rs 29,345 per 10 grams as against Rs 29,195.

Silver (.999 fineness) shot-up by Rs 750 to close at Rs 43,040 from Rs 42,290 earlier.

Globally, gold prices slipped as the dollar rose and equities climbed, but political and economic uncertainty in the United States and in Europe due to elections is expected to continue to give underlying support for now.

The spot price was down 0.4 per cent at USD 1,229.31 an ounce in early trade from last week's three-month high of USD 1,244,67.

Meanwhile, the price of silver eased back by 0.3 per cent to USD 17.89 per ounce, after touching USD 18.04 an ounce, its highest level since Nov 11.