Gold retraces Rs 30K mark on heavy buying; silver spurts
Mumbai: Notwithstanding extreme global volatility, gold witnessed a meaningful rebound after a four- day slump on the domestic bullion market Saturday on the back of fresh wave of buying by stockists and jewellers.
The white metal also recouped modestly owing to renewed speculative demand coupled with industrial buying.
Standard gold of 99.5 percent purity rose Rs 460 to finish at Rs 30,150 per 10 gram from last closing level of Rs 29,690.
Pure gold of 99.9 percent purity climbed Rs 460 to end at Rs 30,300 per 10 gram from yesterday's closing level of Rs 29,840.
Silver ready (.999 fineness) jumped Rs 975 to conclude at Rs 51,200 per kg from Friday's closing level of Rs 50,225.
Meanwhile, globally, the yellow metal plunged to a five-week low owing to heavy liquidation by funds and investors amid heightened fears that the US Federal Reserve would taper its stimulus programme in upcoming policy meet.
Gold for December delivery fell by USD 22 to settle at USD 1,308.60 an ounce on the Comex division of the NYMEX late yesterday. Silver December contract declined to USD 21.72 an ounce.