New Delhi, Sep 30 (PTI) Gold prices rebounded from a two-month low, rising Rs 700 to Rs 1.49 lakh per 10 grams in the national capital on Wednesday as investors resorted to value buying at lower levels amid a firm global trend.
The yellow metal of 99.9 per cent purity ended a two-session decline, climbing Rs 700 to Rs 1,49,300 per 10 grams, inclusive of all taxes, from Tuesday’s closing level of Rs 1,48,600 per 10 grams, according to local traders.
Silver, however, remained unchanged for the second straight session at Rs 2.32 lakh per kilogram, inclusive of all taxes.
Gold prices had recovered on Wednesday as traders indulged in value buying after recent losses, according to Gaurav Garg, Head of Research at brokerage platform Lemonn.
However, movements in the US dollar kept a lid on the upside, Garg said.
In global markets, spot gold traded modestly higher at USD 4,190 per ounce, while silver fell 1.28 per cent to USD 60.68 per ounce.
“Gold was holding around USD 4,195 an ounce and remained on track to end September by more than 5 per cent lower, reflecting a tug-of-war between supportive factors and persistent headwinds,” said Vedika Narvekar, Research Analyst – Commodities & Currencies, Anand Rathi Share and Stock Brokers Ltd.
Crude oil prices have eased after Saudi Arabia increased supplies through a key pipeline, leading to easing of some inflation concerns.
“China’s golden week starts from Thursday, which usually lifts jewellery demand and could add some support,” Narvekar added.
