Gold snaps 3-day losing streak,gains Rs 165

Gold recovered by Rs 165 to Rs 29,770 per 10 grams in the bullion market.

Gold recovered by Rs 165 to Rs 29,770 per 10 grams in the bullion market here today after three days of losses on good demand amid firm global cues.

Silver also moved up by Rs 100 to Rs 52,500 per kg on increased off take by industrial units and coin makers.

Fresh buying by stockists and jewelers for the coming wedding season supported the uptrend in both gold and silver prices,traders said.

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They added buying activity in gold picked up after the metal rose in the overseas markets amid speculation that Federal Reserve Chairman Ben S Bernanke may hint at additional monetary easing when he delivers testimony today.

In London,gold rose 0.3 per cent to USD 1,594.30 an ounce and silver by 0.7 per cent to USD 27.51 an ounce.

On the domestic front,gold of 99.9 and 99.5 per cent purity shot up by Rs 165 each to Rs 29,770 and Rs 29,570 per 10 grams,respectively. The metal lost Rs 115 in the last three trading days.

Sovereign remained flat at Rs 24,400 per piece of eight grams on limited deals.

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Silver ready rose by Rs 100 to Rs 52,500 per kg and weekly-based delivery by Rs 280 to Rs 52,870 per kg.

Silver coins spurted by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces on account of festive demand.