Gold rebounds on jewellers' buying

New Delhi : Gold prices bounced back by Rs 210 to Rs 31,390 per 10 grams at the bullion market today on fresh buying by local jewellers, shrugging off a weak trend overseas. Silver followed suit and recaptured the Rs 39,000-mark by gaining Rs 200 to Rs 39,150 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to pick-up in buying by local jewellers to meet the ongoing auspicious 'Navratras' demand at the domestic spot market but a weak trend overseas, capped the rise.Globally, gold fell 0.22 per cent to USD 1,313.70 an ounce and silver by 0.15 per cent to USD 16.27 an ounce in Singapore as the dollar firmed, with focus shifting to the US Federal Reserve's policy meeting that kicks off later in the day. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 210 each to Rs 31,390 and Rs 31,240 per 10 grams, respectively. The precious metal had lost Rs 110 yesterday.Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.  Following gold, silver ready rebounded by Rs 200 to Rs 39,150 per kg and weekly-based delivery by Rs 225 to Rs 38,450 per kg. Silver coins however, maintained a steady trend at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.