Gold rebounds on buying frenzy; silver reclaims Rs 42K level
Mumbai: Notwithstanding a weak global scenario, gold staged a strong recovery at the domestic bullion market Saturday reaffirming its renewed strength on back of frantic stockists buying amid robust retail as well as investment offtake.
The industrial metal also surged to reclaim the important Rs 42,000 per kg level owing to aggressive speculative demand.
Standard gold of 99.5 percent purity spiked by Rs 460 to finish at Rs 28,520 per 10 gm from overnight closing level of Rs 28,060.
Pure gold of 99.9 percent purity shot up by Rs 470 to end at Rs 28,665 per 10 gm from Rs 28,195.
Silver ready (.999 fineness) jumped by Rs 650 to conclude at Rs 42,510 per kg from Friday's close of Rs 41,860.
Meanwhile, the shiny metal clawed back to end almost flat in overseas trade after plunging below the psychological USD 1,300 an ounce mark following sluggish US jobs data amid easing concerns about winding down Fed's bullion-friendly economic stimulus program.
Gold for December delivery settled at USD 1,310.50 an ounce on the Comex division of the NYMEX late yesterday.
Silver for September contract gained 29 cents to close at USD 19.91 an ounce.