Gold retraces Rs 26K mark on heavy demand, global bullishness

Gold retraces Rs 26K mark on heavy demand, global bullishness Mumbai: Precious gold jumped further and retraced Rs 26,000 per 10 gm mark at the domestic bullion market Tuesday boosted by aggressive stockists and retail buying amid supportive overseas trend.

The industrial metal also recovered owing to renewed speculative off-take.

Standard gold of 99.5 percent purity spiked by Rs 430 to finish at Rs 26,230 per 10 gm from Monday's closing level of Rs 25,800.

Pure gold of 99.9 percent purity spurted by Rs 440 to conclude at Rs 26,370 per 10 gm from Rs 25,930.

Silver ready (.999 fineness) rose by Rs 390 to end at Rs 41,515 per kg compared to Rs 41,125 yesterday.

Globally, the shiny-metal climbed for the third-straight session, stretching its strong pullback rally after the recent sell-off on back of bargain buying as well as short covering supported by buoyant Asian physical demand.

Gold witnessed a rout plunging below the key USD 1,200 an ounce mark to hit a three-year low last week spooked by speculation that Federal Reserve will scale back its bullion- friendly bond buying programme earlier-than-expected.

Spot gold was bid higher at USD 1,267.20 an ounce in early European trade and silver bid up at USD 19.64 an ounce.

PTI