New Delhi: Both gold and silver rebounded in the bullion market here on Tuesday on emergence of buying at prevailing lower levels by stockists and jewellery makers, supported by a rebound in global markets.

While gold surged by Rs 275 to Rs 27,015 per 10 grams, silver gained Rs 1,500 to Rs 55,000 per kg.

The trading sentiment turned better after gold rallied in Singapore as the biggest three-day drop since the failure of Lehman Brothers Holdings Inc. in 2008, encouraged purchases by investors seeking a store of value amid market turmoil.

In Singapore, gold gained for the first time in five days and climbed 1.9 percent to USD 1,657.63 an ounce. The metal lost 8.8 percent in the past three days.

Silver also gained 3.4 percent to USD 31.79 an ounce after tumbling 22.5 percent in the past three days to a 10-month low of 26.07 on Monday.

On the domestic front, gold of 99.9 and 99.5 percent purity rebounded by Rs 275 each to Rs 27,015 and Rs 26,875 per 10 grams, respectively.

Sovereigns continued to be asked around previous level of Rs 21,200 per piece of eight grams.

Similarly, silver ready recovered sharply by Rs 1,500 to Rs 55,000 per kg and weekly-based delivery by Rs 3,245 to Rs 54,045 per kg.

Silver coins followed suit and spurted by Rs 5,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

(Agencies)