Gold rallied by Rs 40 to Rs 33,200 per 10 gram at the bullion market on Monday, reversing a two-day losing trend on fresh buying by local jewellers to meet wedding season demand. Silver, however, held steady at Rs 40,100 per kg on scattered demand from coin makers.
Traders said emergence of buying by local jewellers to meet the ongoing wedding season demand at domestic spot market and a firm trend overseas, mainly led to the recovery in gold prices. Globally, gold rose 0.09 per cent to USD 1,283.40 an ounce in New York. Silver, however, fell 9.13 per cent at USD 15.39 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purities bounced back by Rs 40 each to Rs 33,200 and Rs 33,050 per 10 gram, respectively. It had lost Rs 140 in the previous two sessions. Sovereign, however, continued to be traded at the previous level of Rs 25,500 per piece of eight gram.
On the other side, silver ready held steady at Rs 40,100 per kg on little doing, while silver weekly-based delivery fell by Rs 58 to Rs 39,140 per kg. Silver coins, however, remained unaltered at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.