Gold prices rebounded by Rs 235 to Rs 90,685 per 10 grams on Wednesday amid firm global trends, cutting short the four-day losing streak, according to the All India Sarafa Association.
The yellow metal of 99.9% purity had ended at Rs 90,450 per 10 grams on Tuesday. Gold of 99.5% purity rose by Rs 235 to Rs 90,235 per 10 grams compared to the previous closing value of Rs 90,000 per 10 grams.
Fresh buying from retailers following recent losses led to the recovery in gold prices. Firm global trends were also impacting the sentiment, according to traders.
Silver prices in India rose by Rs 1,500 to Rs 101,500 per kg, recovering from Tuesday's closing price of Rs 100,000 per kg, according to recent market data.
In global markets, spot gold traded 0.16 % higher at $3,024.96 per ounce. Comex gold futures for April delivery in Asian trading hours also saw an increase, quoting higher at $3,059.10 per ounce.
Gold prices edged slightly higher on Wednesday, supported by safe-haven demand and strong inflows into gold-backed Exchange Traded Funds.
"The uncertainty surrounding US President Donald Trump's reciprocal tariff decision on April 2 appears to be a crucial factor supporting safe-haven metal gold," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
Jateen Trivedi, research analyst at LKP Securities, said market participants were awaiting key macroeconomic data, including the US GDP and Core Personal Consumption Expenditures Price Index, scheduled for release later this week.
"The broader trend will also be influenced by developments in the Russia-Ukraine situation, which continues to drive safe-haven demand," Trivedi added.
According to Kotak Securities' Assistant Vice President-Commodity Research, Kaynat Chainwala, investors will also closely monitor the Federal Open Market Committee members for further guidance on interest rate direction and future course of action for bullion prices.
(With Inputs From PTI)
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